http://www.businesstimes.com.sg/arch...t-more-doubles

Published July 31, 2012

Tuan Sing Q2 profit more than doubles

Group confident in long-term prospects of S'pore, China markets

By Lee U-wen


DEVELOPER Tuan Sing Holdings posted a second-quarter net profit of $11.6 million, up more than two-fold from the previous corresponding quarter's $4.3 million. Revenue jumped 76 per cent to $104.5 million.

The results lifted earnings for the first six months ended June 30 to $18.4 million, up 86 per cent, while revenue rose 46 per cent to $176.5 million, mainly attributable to higher development property sales in Singapore.

Earnings per share for H1 were 1.6 cents, up from 0.9 cents a year earlier. For Q2, EPS was one cent. Net asset value per share, meanwhile, stood at 53.2 cents as at June 30, up slightly from 52.7 cents on Dec 31, 2011.

It was another solid first half for Tuan Sing in the property segment - revenue and profit after tax came in higher at $75.1 million and $10.3 million respectively, mainly from the sale of units in Mont Timah and Seletar Park Residence.

Overall, property remained the largest profit contributor and accounted for 48 per cent of the group's total profit after tax.

Tuan Sing's investments in hotels and industrial services also fared well, posting profit after tax of $1.3 million and $1.4 million respectively.

As for its other investments, these contributed a total profit after tax of $7.7 million, primarily from the share of Gul Technologies Singapore's profits.

Tuan Sing said it would continue to focus on its core property markets in Singapore and China as it "remained confident" in the long-term prospects of these two markets.

The group plans to launch a 99-year leasehold development near Potong Pasir MRT station in October and is working towards launching a freehold Cluny Park project in the first half of 2013.

"Overall, the group expects its results for the full year to be satisfactory, barring unforeseen circumstances," it said.

Shares of Tuan Sing closed a cent higher yesterday at 28.5 cents.