Tuan Sing Holdings' Q3 net profit falls by more than half to $5.8 million

Developer Tuan Sing Holdings' third quarter net profit has more than halved to $5.8 million from $12 million in the same period last year.

Revenue for the three months to Sept 30 fell by 35 per cent to $54.2 million.

For the first nine months, net profit dropped by 12 per cent to $26.7 million on the back of a 9 per cent fall in revenue to $237 million.

During this period, property revenue decreased by 13 per cent to $110.2 million as Mont Timah had been fully sold.

For on-going projects, new revenue stream from Sennett Residence launched in March formed the bulk of the revenue, followed by Seletar Park Residence and Cluny Park Residence, which has had a soft launch.

Investment properties revenue dropped 27 per cent to $6 million as rental income from Robinson Towers and International Factors Building ceased at end May to cater for redevelopment.

On the whole, the property division contributed a net profit of $14.4 million, which accounted for 52 per cent of the group's total profit for the nine months ended Sept 30.

Net property income from its hotels investment dipped by 5 per cent to A$30.4 million (S$35.8 million) but net profit remained unchanged at A$6.8 million.

Meanwhile, the industrial services segment reported revenue of $127.5 million and net profit of $2.1 million.

Tuan Sing also recorded a share of profit amounting to $11.1 million from its investment in Gul Technologies Singapore.

Quarterly earnings per share shrank to half a cent from one cent previously while net asset value per share swelled to 62.4 cents compared to 60.9 cents as at Dec 31.