TUAN Sing Group’s second-quarter net profit fell 63 per cent to $3.5 million from $9.5 million a year ago. Revenue fell 17 per cent to $54.9 million from $66.1 million, due to lower revenue from its property, industrial services and retail business segments.
‘Operating conditions for the rest of the year are likely to remain challenging,’ the group said in its statement yesterday.
For the half year, net profit plunged 72 per cent to $4.3 million from $15.4 million, as revenue sank 36 per cent to $84.5 million.
Tuan Sing’s property segment posted a 96 per cent plunge in net profit to $0.6 million, as revenue fell 50 per cent to $18.9 million for the six months ended June 30. This was due to lower development property sales, and the group said that though rental income increased, the additional costs of $3.1 million due to the acquisition of Katong Mall Continue reading
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