Tuan Sing Q3 net profit falls 35%

TUAN Sing Holdings on Wednesday posted a 35 per cent fall year-on-year in net profit for the third quarter ended Sept 30 to S$3.77 million, due to the absence of an one-off gain of S$2.9 million in the corresponding quarter of the previous year.

The property developer's revenue for the quarter was S$94.6 million, down 6 per cent from a year ago.

For the year-to-date period, net profit rose 16 per cent on the back of a S$3.9 million gain from the sale of a plot of land in Qingdao, China and higher profits from its associate GulTech, although the rise was partially offset by the absence of the previously mentioned one-off gain. Revenue shrank 3 per cent for the nine months ended Sept 30 on lower residential development sales and lower contributions from the hotels business.

Earnings per share was 0.3 Singapore cent for the quarter and 1.3 cents for the nine-month period, compared with 0.5 cent and 1.1 cents in the previous year.

Tuan Sing said it has sold most of its completed residential units as at Sept 30, and will focus on its pipeline of projects, including the Kandis Residence, Mont Botanik Residence, 333 Thomson Road, and the repositioning of the 896 Dunearn Road property.

It also aims to complete 18 Robinson before year-end to realise a material developer's profit.

Shares of Tuan Sing closed unchanged at S$0.37 on Wednesday before the results were released.