Tuan Sing's Q1 bottom line rises 53% to S$8.2m on one-off gain from divestment

A GAIN of S$3.9 million from the divestment of a subsidiary in China boosted results for property group Tuan Sing Holdings in its first quarter.

As a result of the one-off gain, net profit surged 53.5 per cent to S$8.2 million from the previous year as earnings per share rose to 0.7 Singapore cent from 0.4 Singapore cent in the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended March 31, revenue grew 2.2 per cent to S$76.5 million from the previous year.

This was attributable to higher revenue from the industrial services segment but was partially offset by lower sales of the residential development projects, Tuan Sing said.

Net asset value per share edged up to 83.6 Singapore cents as at March 31, from 83.4 Singapore cents three months ago.

Tuan Sing shares finished S$0.005 or 1.2 per cent up at S$0.43 on Friday.