Tuan Sing Q4 earnings plunges 68%

Lower contributions from its property development business and industrial services segment pulled Tuan Sing Holdings' earnings for the fourth quarter down.

Net profit for the three months ended Dec 31 was $25.3 million, tumbling 68 per cent from $79.1 million a year ago.

Turnover was down 42 per cent to $65.3 million in the same period, the firm said on Wednesday evening.

Its property revenue fell mainly because its Mont Timah project had already been fully sold, while 88 per cent of the units its Seletar Park Residence was taken up last year.

The firm was also unable to collect rents from its Robinson Towers and International Factors Building during the quarter, as they were being refurbished.

Lower sales of its tyres and automotive products also weighed down revenue from its subsidiary, SP Corp.

Earnings per share was 2.2 cents for the three months to Dec 31, down from 6.8 cents in the corresponding period a year ago.

Net asset value was 63.9 cents as at Dec 31, up from 60.9 cents recorded a year ago.

For the full year, the firm reported a net profit of $52 million, down 53 per cent from $109.5 million a year ago.

Full year turnover came in at $302.3 million, down 19 per cent from $371.8 million a year earlier.

A first and final divided of 0.5 cents per ordinary share was announced for the year ended Dec 31.

Tuan Sing's shares closed flat at 28.5 cents on Wednesday.

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