SINGAPORE - A slowdown in the private housing market has weighed down second-quarter earnings for property developer Tuan Sing.
Net profit at the firm fell 24 per cent to $11.6 million for the three months to June 30, it said in a Singapore Exchange filing on Wednesday.
Revenue dropped 31 per cent to $81.6 million for the period, which Tuan Sing said was partly due to lower property sales.
It said that its profits and revenue for the period mainly came from progressive revenue recognition of unit sales at Seletar Park Residence and Sennett Residence, as well as the initial recognition of new bookings at Cluny Park Residence.
These three private projects will account for most of Tuan Sing's earnings this year and next year, it added.
It said it would "continue to strengthen its property portfolio and grow strong, related and resilient businesses".
Tuan Sing has bought a plot of land in China and is negotiating to buy the remaining 50 per cent stake in hotel firm Grand Hotel Group, it said.
It already owns half of Grand Hotel Group, which owns two five-star hotels in Australia that are managed by Hyatt International.
Tuan Sing shares closed flat at 41.5 cents on Wednesday.