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Tiong Seng turns to profit in Q3 as costs, expenses decline
TIONG Seng Holdings swung into a profit of S$2.7 million in the third quarter as a drop in costs and expenses helped to boost the bottom line.
The construction and property development group lost S$7.9 million in the year-ago period.
Earnings per share was 0.58 Singapore cents for the three months to September. For the first nine months of the year, profit rose to S$16.7 million, or 1.6 Singapore cents per share, from a S$6.5 million loss a year earlier.
Tiong Seng shares did not trade on Friday, but were last bid at 23.5 Singapore cents and offered at 28 Singapore cents.
Total revenue rose by 2 per cent to S$165.3 million as construction turnover grew 18 per cent to S$155.2 million. The cost of sales of development properties fell 71 per cent to S$7.9 million, while other expenses dropped 86 per cent to S$3.1 million in the absence of a year-ago allowance of S$18.5 million that was made for lost value from development properties.
Tiong Seng said its construction order book currently stands at S$1.4 billion through 2020.