Tuan Sing Q1 earnings slump 98% on lower operating income, higher costs

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Tuan Sing Q1 earnings slump 98% on lower operating income, higher costs.

PROPERTY developer Tuan Sing Holdings on Friday posted a 98 per cent slump in earnings to S$157,000 for its first quarter ended March 31 from S$8.2 million a year ago.

Revenue rose 1 per cent to S$77.5 million for the quarter, due mainly to higher revenue from its property segment, partially offset by lower revenue from its hotels investment and industrial services segments. The drop in earnings was partly due to lower operating income on the back of the absence of a S$3.9 million gain from the divestment of a China subsidiary in 2018.

This was aggravated by lower share of results of equity accounted investments due to lower contribution from the group's associate which recorded lower revenue and higher foreign exchange losses arising from the weakening of the US dollar against the renminbi, as well as higher finance costs due mainly to interest expenses for 18 Robinson and higher interest rates on borrowings for other investment properties over the course of the year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New stores, higher sales boost Sheng Siong's Q1 earningsSHENG Siong Group on Friday posted a 5.9 per cent rise in net profit to S$19.4 million for its first quarter ended March 31, as revenue increased 10.1 per cent to S$251.4 million. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Tokyo: Stocks open higher with eyes on earnings[TOKYO] Tokyo stocks opened higher on Wednesday supported by record levels in New York but investors remained cautious amid corporate earnings season and ahead of an unprecedented 10 days of holidays next week. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Weak industrial earnings drag Wall Street lowerDow and S&P futures were pressured by a steep fall in industrial company 3M's shares on Thursday, while upbeat results from high-flying companies ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »