By Cheryl Tay:
Tiong Seng Holdings Limited posted a 31 percent boost in its revenue for the first nine months of the fiscal year 2012 to S$356.7 million, due to higher earnings from construction contracts and better sales of Cobiax products.
At the same time, its net profit attributable to shareholders rose nine percent to S$19.8 million.
Moreover, revenue from its construction contracts jumped 64 percent to S$347.6 million, thanks to an increase in work done for new and on-going projects, including The Glyndebourne (pictured), Hundred Trees, Waterway Terraces I & II, Tree House, the Hotel at Upper Pickering Street and the NUS Staff Housing at Kent Vale.
These projects boosted revenue by S$137.1 million, but this was offset by a decrease in work done for projects like Shelford Suites, Hilltops, Volari and The Wharf Residences.
In addition, the group posted revenue of S$469,000 from the sale of one unit in Wenchang Broadway in Yangzhou. As of 30 September 2012, four units at Wenchang Broadway in Yangzhou, five units at Tianmen Jinwan Building and six remaining units at Phase One of Sunny International project have been sold. However, they were not yet recognised as revenue in accordance with the group’s revenue recognition policy.
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