SINGAPORE - Property group Tuan Sing Holdings reported a 4 per cent drop in fourth quarter net profit to $24.3 million.
This was despite revenue soaring 72 per cent to $112.1 million for the three months to Dec 31, reflecting higher property revenue and maiden contribution from Grand Hotel Group (GHG).
Net profit was down due to a much lower fair value gain.
For the full year, net profit rose by 18 per cent to $61.2 million on the back of a 17 per cent increase in revenue to $354.8 million.
Progressive revenue recognition based on percentage of construction for units already sold at Seletar Park Residence and Sennett Residence formed the bulk of the revenue in 2014, Tuan Sing said.
There was an increase in the administrative expenses as a result of legal fees for the full acquisition of GHG and in connection with the land purchase under Gilstead collective sale.
"For Gilstead, the plaintiff has discontinued his allegation against the Group and was ordered by the court to pay a certain sum to the group," said Tuan Sing.
Meanwhile, the collective sale is still pending the decision of the court.
Net asset value per share firmed by 4.4 cents to 68.3 cents.
An unchanged first and final dividend of half a cent a share was proposed.
In Singapore, the group's total order book on development projects stood at $763.2 million as at end-December.
The bulk of the group's revenue and profit in 2015 would continue to come from the existing development projects as construction progresses.
In Australia, GHG is expected add to the group's assets base, revenues and earnings.