Tuan Sing Q4 profit down 41% in absence of one-off gain

PROPERTY group Tuan Sing Holdings said on Thursday fourth-quarter net profit fell 41 per cent in the absence of a one-off gain from the year-ago period.

Net profit for the three months ended Dec 31, 2015, stood at S$14.6 million, compared to S$24.5 million from a year ago.

It had booked a "one-off negative goodwill gain" of S$26.9 million in the year-ago period, as well as associated acquisition costs of S$17.8 million for Grand Hotel Group (GHG). The company had bought the remaining 50 per cent in GHG that it did not own.

Consequently, with the consolidated revenue, total revenue rose 28 per cent to S$143.4 million. The property segment also posted higher sales.