Singapore property developer and construction group Tiong Seng Holdings Limited has posted a net profit attributable to equity holders of S$6.8 million for the third quarter ended 30 September 2011.
The group’s revenue surged 41 percent to S$127.3 million in Q3 2011, from S$90.0 million in the same period last year.
Revenue from sales of development properties grew to S$48.0 million from S$4.4 million, while revenue from sales of goods increased from S$0.6 million to S$3.0 million.
However, this was countered by a decrease in revenue from construction contracts by 11 percent to S$75.9 million.
“Moving forward, we’ll continue to observe a tough operating environment as a result of higher construction and material costs, reduction in the number of foreign workers, higher foreign workers’ levies and competition from large foreign contractors,” said Pek Lian Guan, Chief Executive Officer of Tiong Seng.
“However, we are well prepared to meet these challenges head-on.”
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