Tuan Sing Q3 profit falls 60%

PROPERTY firm Tuan Sing Holdings posted a 60 per cent fall in net profit for the third quarter on weaker revenue.

Net profit for the three months ended Sept 30, 2016 stood at S$6.43 million, down from S$16.2 million a year ago.

Revenue fell about half to S$90.3 million. The decrease was due mainly to Seletar Park Residence having obtained its certificate of statutory completion in January 2016, while Sennett Residence and Cluny Park Residence obtained their temporary occupation permits in June 2016 and July 2016 respectively.