Property developer and construction group Tiong Seng has posted a 4.1-percent drop in net profits to S$3.1 million for its first quarter results that ended March 31.
Revenue also dropped 56 percent to S$54.2 million, attributed to lower revenue from construction contracts and property development sales.
Tiong Seng was also close to completing or had completed work in projects such as the Resorts World Sentosa and the Tribeca and Wilkie projects.
However, the company noted that this was offset by the increase in work done for its on-going projects like Hilltop, Shelford Suites and Sky 11, as well as upgrading work in Papua New Guinea.
Pek Lian Guan, CEO of Tiong Seng, said the group still sees strong construction demand in the country and had recently secured the Kent Vale NUS Staff Housing project in Q1 of this year.
Looking forward, the company remains optimistic about securing new opportunities in the country’s market for construction and civil engineering projects.