Tuan Sing Q3 net profit falls 89%

Tuan Sing Holdings announced on Monday its net profit for the third quarter totaled S$5.2 million, down 89 per cent from the corresponding period last year due in part to property cooling measures by the Chinese government.

Revenue fell 75 per cent to S$47.05 million, the company said in a statement to the Singapore stock exchange.

This brought the nine months’ revenue and net profit to S$168.1 million and S$15.1 million respectively, compared with the restated revenue and net profit of S$282.6 million and S$49.5 million for the corresponding period last year.

The Group restated last year’s results to comply with a new financial reporting standard, which became effective on Jan 1.

Source : Today – 31 Oct 2011

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