Tuan Sing Q4 net profit slumps 73% on lower fair-value adjustment

TUAN Sing Holdings' net profit slumped 73 per cent to S$31.4 million for the fourth quarter ended Dec 31, 2019 due to lower fair-value adjustment.

The group recorded a fair-value adjustment of S$34.1 million, a plunge from S$113.2 million a year ago, mainly due to a decrease in fair-value gain from the revaluation of investment properties.

The higher revaluation of investment properties in 2018 was due mainly to the fair-value gain from 18 Robinson, which was deemed completed in 2018.

Revenue rose 11 per cent to S$92.3 million due to higher revenue from the property segment, partially offset by lower revenue from hotels investment and industrial services segments.

Finance costs increased 28 per cent to S$18.3 million due mainly to interest expenses for 18 Robinson.

Earnings per share (EPS) was 2.6 Singapore cents, sharply lower than a restated 9.8 cents a year ago. Excluding fair-value adjustments, EPS was 0.1 Singapore cent, lower than a restated 0.4 cent a year ago.

The group has declared a first and final one-tier tax-exempt dividend of 0.6 Singapore cent per share for the financial year ended Dec 31, 2019. The dividend will be paid on June 25.

The counter closed at 32.5 Singapore cents on Thursday, down 0.5 cent or 1.52 per cent.