SINGAPORE - Property developer Tuan Sing has posted a net profit of S$5.4 million in the first quarter, down 44 per cent from a year ago as the group had sold most of its residential development units which were completed last year.
Revenue in the three months ended March 31 was S$74.8 million, a fall of 29 per cent from the same period a year ago.
Property revenue - which contributed 30 per cent to total revenue in the first quarter, was S$22.7 million, down from S$48.9 million in the same period last year.
Earnings per share was 0.5 cents, down from 0.8 cents a year ago.
Net asset value was 78.1 cents as at March 31, up from 77.7 cents as at Dec 31.
Tuan Sing said it plans to launch Kandis Residence in the third quarter.
The group also plans to issue a second tranche of about S$140 million notes in May to finance the acquisition of Sime Darby Centre and to meet an increase in working capital requirement for residential development projects.
It added that it is optimistic of achieving a profit for the year 2017.