Tuan Sing Q3 net profit down 9% to S$5.9m

PROPERTY firm Tuan Sing Holdings reported a net profit of S$5.9 million for its third quarter ended Sept 30, 2017, down 9 per cent from S$6.4 million a year ago.

Revenue rose 12 per cent to S$101 million, from S$90 million a year ago. Higher revenue came from its property and industrial services segments.

Results were boosted by a S$4.5 million contribution from printed circuit board manufacturer GulTech, in which the company owns a stake. The company's share of GulTech profits was up 2 per cent from a year ago.

"The group will now focus on two new projects - namely Kandis Residence and Remaja land - as well as the repositioning of the property at 896 Dunearn Road," Tuan Sing said in a press release.

"The construction of 18 Robinson has been progressing well, and is expected to be completed before end-2018 when it will provide a steady stream of income to the group. In addition, a material developer's profit is expected to be realised in 2018."

Net asset value was at S$0.78, unchanged from end-2016.

Tuan Sing last traded unchanged at S$0.44 before results were released.