Tuan Sing’s net profit rises 53%

Singapore-listed Tuan Sing said its full-year net profit rose 53 per cent to S$68.2 million for the period ended December 31.

The higher profit is on the back of strong full-year revenue, which is up 24 per cent to S$274 million.

The bulk of its revenue came from its industrial services, which benefited from the strong performance of commodities trading, and also from services rendered to an Indonesia gold mine.

Property also remained as the main contributor to group’s profit.

For the year ended 31 December 2010, its property division generated profit after tax of S$52.3 million.

This was driven by strong sales and profit recognition on Lakeside Ville Phase III in Shanghai and a fair value gain of S$28.6 million largely from investment properties in Singapore.

Looking forward, Tuan Sing said it would continue to expand its property business to ride on the strong economic growth in the region.

It added it plans to soft launch its Mont Timah development in the first half of 20111, and will also launch the estimated 400-unit Seletar project within the year.

Overseas, it is planning to release the remaining unsold units of Lakeside Ville in Shanghai.

The company has also proposed a final dividend of 0.4 Singapore cents per share for the financial year ending 2010.

-CNA/wk

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