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Tuan Sing Q1 profit grows 23% VRNews May 2nd, 12, 12:15 PM #1

PropertyGuru.com.sg : By Romesh Navaratnarajah:

Mainboard-listed property developer Tuan Sing Holdings has announced that net profit for the first quarter ended 31 March 2012 increased 23 percent to S$6.8 million while revenue during the period hit S$72 million.

Revenue from its property business rose to S$27.8 million as it sold more units at its Mont Timah and Botanika projects, which accounted for 45 percent of Tuan Sing’s total profit after tax for the first quarter, achieved after accounting for marketing and showflat expenses relating to the launch of Seletar Park Residence (pictured) in March.

Meanwhile, Grand Hotel Group (GHG), its hotel investment business in Australia, reported a 14 percent increase in revenue to A$32.4 million (S$41.38 million) and a 25 percent increase in net property income to A$11.0 million (S$14.05 million).

“The two Hyatt hotels registered a combined 22 percent growth in Revenue Per Available Room (RevPar) driven by higher market demand and enhanced upmarket image after the renovation. As a result, GHG’s profit after tax increased to A$2.2 million (S$2.8 million). After taking into account funding cost and deferred tax provision, Hotel Investment contributed a profit after tax of S$0.8 million,” it said in a statement.

Looking ahead, the company is optimistic about its outlook. Nearly 40 percent of options for the 276-unit Seletar Park Residence have been issued to buyers while sales at other developments like Mont Timah are expected to remain steady.

“Two other development projects are in the pipeline. The Sennett project, which is immediately adjacent to the Potong Pasir MRT station, is expected to be launched in 3Q2012. The Cluny Park Project, which is directly opposite the Botanic Gardens MRT station, is expected to be launched in 4Q2012,” it added.



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