Tuan Sing Q3 earnings slump 95% on revenue drop, higher finance costs

TUAN Sing Holdings' Q3 net profit plunged 95 per cent to about S$206,000 from S$3.8 million a year ago, the property developer announced on Wednesday.

This came on the back of a 29 per cent drop in revenue to S$67 million from S$94.6 million, on lower revenue from the industrial services and property segments. Finance costs also increased 22 per cent to S$13.1 million, mainly due to higher interest expense for 18 Robinson. Earnings per share was 0.1 Singapore cent excluding fair-value adjustments, compared with 0.3 cent in the third quarter of the previous year. Including fair-value adjustments, earnings per share fell to 0.02 cent for Q3 2019.

For the nine months ended Sept 30, net profit was down 88 per cent to S$1.8 million from S$14.9 million in the corresponding period of the previous year.Revenue shrank 14 per cent to S$218.4 million from S$252.8 million a year ago, due to lower revenue from the hotels investment and industrial services segments. This was partially offset by higher revenue from the property segment.

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