Tiong Seng Holdings Limited, one of the leading construction groups and property developers in Singapore, has posted a 38 percent increase in its net profit, mainly attributed to equity holders of S$9.2 million for Q2 ended 30 June 2011.
Tiong Seng’s total revenue in Q2 climbed 19 percent to S$83.9 million, due to higher revenue generated from construction contracts and sales of Cobiax products.
For the first half of 2011, the group’s total revenue rose 17 percent to S$145.5 million, compared to the same period in 2010. Consequently, the group’s net profit attributable to equity holders in H1 2011 was 16 percent higher year-on-year at S$11.4 million, primarily due to a rise in profit from operating activities.
As of 30 June 2011, Tiong Seng registered a stable financial position with cash and cash equivalents of about S$49.9 million.
“In the short term, we can expect tighter credit controls and further government curbs in the smaller PRC cities, but we hold a long term view that urbanisation will continue to drive demand for quality housing in China,” said Pek Lian Guan, CEO of Tiong Seng Holdings Limited.
“Meanwhile, we will continue to monitor policy changes closely and focus on the sales and development of our China projects. We will also look for more opportunities to build our development land bank where possible.”
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