30 Apr '14, 6am

Tuan Sing's Q1 net profit up 33% at $7.7m, Singapore Property News, Singapore Property Guides

TUAN Sing Group's net profit for the first quarter ended March 31, 2014 rose 33 per cent to $7.7 million from $5.8 million a year earlier, even as revenue slipped 6 per cent to $61.3 million. The decline in revenue was mainly due to lower industrial services sales, where revenue contribution dropped from $44.8 million to $31.1 million. Revenue contribution from its property segment was higher however, up 49 per cent, from $20.4 million to $30.4 million. This was due to progressive revenue recognition for units sold at Seletar Park Residences and recognition of new bookings at Cluny Park Residence , which was officially launched last month. Revenue from investment properties grew 40 per cent as rental income from Robinson Point kicked in. As at end-March, Tuan Sing has sold 582 units at Seletar Park Residence, Sennett Residence and Cluny Park Residence with a total order bo...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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