Tuan Sing Q2 profit drops 24%, revenue down 31%

DRAGGED by slower recognition of residential sales, Tuan Sing Holdings posted a 24 per cent decline in net profit for the second quarter ended June 30 to S$11.6 million.

Revenue for the quarter dropped 31 per cent from a year before to S$81.6 million over the same period, given slower progressive recognition of sales at Seletar Park Residence and Sennett Residence and new bookings at Cluny Park Residence that was officially launched in March.

For the first half of this year, Tuan Sing's net profit slipped 8 per cent to S$19.3 million while revenue slumped 22 per cent to S$142.9 million, given weaker performance from its property and industrial services divisions.