Mainboard-listed Tuan Sing Holdings has announced that full year revenue and net profit for 2011 hit S$239.7 million and S$40.3 million respectively, compared to the restated revenue and net profit of S$344.5 million and S$87.8 million a year earlier.
Its property division recorded total revenue of S$40.5 million, down from S$162.1 million in 2010.
“A series of cooling measures by the Chinese government affected the sales in China. Singapore had higher revenue reflecting the sales proceeds from Botanika and Mont Timah (pictured) and higher rental income from investment properties. Overall, property reported a profit after tax of S$25.6 million, including a net fair value gain of S$18.6 million mainly on investment properties. Property remained the major contributor to the Group’s profit,” it said in a statement.
Meanwhile, the company’s hotel investment business in Australia saw an eight percent increase in net property income to A$40.1 million (S$54.1 million), as both Hyatt Regency Perth and Grand Hyatt Melbourne reported a 12 percent surge in Revenue Per Available Room (RevPAR).
“After taking into account funding cost and deferred tax provision at the investment holding level, the segment contributed a profit after tax of $4.6 million,” said Tuan Sing.
Moving forward, the company said it plans to launch the 276-unit Seletar Park Residence within the first quarter of this year, and the 63-unit The Cluny Park premier residential project by Q3 2011.
“The Sennett site, which is immediately adjacent to the Potong Pasir MRT station will yield about 300 units of apartments and townhouses and is scheduled for launch in the second quarter of 2012,” it added.
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