Tuan Sing's Q1 net profit up 33% at $7.7m

TUAN Sing Group's net profit for the first quarter ended March 31, 2014 rose 33 per cent to $7.7 million from $5.8 million a year earlier, even as revenue slipped 6 per cent to $61.3 million.

The decline in revenue was mainly due to lower industrial services sales, where revenue contribution dropped from $44.8 million to $31.1 million.

Revenue contribution from its property segment was higher however, up 49 per cent, from $20.4 million to $30.4 million. This was due to progressive revenue recognition for units sold at Seletar Park Residences and recognition of new bookings at Cluny Park Residence, which was officially launched last month. Revenue from investment properties grew 40 per cent as rental income from Robinson Point kicked in.