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Tuan Sing Q2 net profit up 70%, bolstered by divestment gain

PROPERTY developer Tuan Sing Holdings posted a 70 per cent rise year-on-year in net profit for 2QFY18 to S$2.99 million on the back of a S$3.9 million gain arising from the sale of a plot of land in Qingdao, China.

Revenue dipped 3 per cent to S$81.66 million due to lower sales of residential development projects and a slight decrease of revenue from the hotels business.

Earnings per share was 0.3 cent for 2Q2018, compared to 0.2 cent a year ago.

For the full year, net profit was 58 per cent higher at S$11.14 million, while revenue was about flat at S$158.13 million.

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Commenting on outlook, Tuan Sing said: "Most of our completed units have been sold as at June 30. The group will focus on the Kandis Residence and the Remaja development, as well as the repositioning of the property at 896 DunearnRoad."

In May, the group - through its 70 per cent subsidiary - successfully acquired Peak Court, a freehold residential site at 333 Thomson Road for S$118.88 million through a collective sale tender. The project will be developed into an upscale condominium after the completion of the acquisition in August. 

The new 18 Robinson will be completed by the end of the year, it added. About 50 per cent of 18 Robinson has been leased out as of July.