Tuan Sing's Q2 profit surges 92%

TUAN Sing Holdings reported a 92 per cent surge in net profit for the second quarter ended June 30, 2015, to S$22.3 million on the back of higher contribution from property and hotel investment segments.

Its revenue more than doubled to S$194.1 million in Q2, from S$81.6 million in the same period last year.

For the first half of the year, net profit surged 98 per cent to S$38.2 million as revenue more than doubled to S$349.4 million, from S$142.9 million in the same period last year.

Progressive recognition of revenue from units sold at Seletar Park Residence, Sennett Residence, Cluny Park Residence, and rental income from investment properties enabled the property segment to continue to be the key driver, contributing 63 per cent of the group's revenue and 79 per cent of the group's profit after tax.