Tuan Sing Holdings saw its net profit in Q2 jump 56 percent to $5.53 million, attributed to revenue increase in the property and industrial services segments.
The company also lifted its net profit to $26.42 million in the first half of this year, more than six times the $4.3 million net profit in the previous year.
Revenue in Q2 and H1 also climbed 36 percent and 114 percent, respectively, to $74.85 million and $180.5 million.
The property segment saw a four-fold increase in revenue in H1 to $77.7 million, up from $18.9 million a year ago, underpinned by progressive revenue recognition and strong sales of the Lakeside Ville Phase III project in Shanghai, which contributed an after-tax profit of $22.1 million to the segment.
The hotels investment segment, which is represented by Grand Hotel Group in Australia, posted a A$2.7-million (S$1.72 million) profit after tax, inclusive of a A$1.4-million exceptional gain on interest rate hedging instruments required by the lending banks. This compares with the A$10.9-million after-tax profit in the previous year, inclusive of an exceptional gain worth A$9.4 million.
Looking ahead, Tuan Sing said it will continue to restructure and rationalize its portfolio of businesses, as well as consolidate its operations.
“The outlook for 2010 appears positive, barring unforeseen circumstances,” it said. “With the current net cash position and a relatively stronger balance sheet, the group is well poised to respond positively to ever-changing market conditions and to capture opportunities when they arise.”