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Tuan Sing Q3 earnings slump 95% on revenue drop, higher finance costs

TUAN Sing Holdings' Q3 net profit plunged 95 per cent to about S$206,000 from S$3.8 million a year ago, the property developer announced on Wednesday.

This came on the back of a 29 per cent drop in revenue to S$67 million from S$94.6 million, on lower revenue from the industrial services and property segments. Finance costs also increased 22 per cent to S$13.1 million, mainly due to higher interest expense for 18 Robinson.

Earnings per share was 0.1 Singapore cent excluding fair-value adjustments, compared with 0.3 cent in the third quarter of the previous year. Including fair-value adjustments, earnings per share fell to 0.02 cent for Q3 2019.

For the nine months ended Sept 30, net profit was down 88 per cent to S$1.8 million from S$14.9 million in the corresponding period of the previous year.

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Revenue shrank 14 per cent to S$218.4 million from S$252.8 million a year ago, due to lower revenue from the hotels investment and industrial services segments. This was partially offset by higher revenue from the property segment.

Again due to interest expenses for 18 Robinson, finance costs were 28 per cent higher than in the same period a year ago, coming in at S$40 million compared with S$31.2 million in 2018.

Earnings per share was 0.2 Singapore cent, compared with 1.3 cents for the first nine months of 2018.

No dividend was declared for the period under review.

Tuan Sing shares closed down 0.5 Singapore cent or 1.47 per cent to S$0.335 on Wednesday before the results were announced.