Tuan Sing Holdings’ revenue plunges 70% to $240m in 2011

As revenue from its property segment dropped 25% last year.

According to a financial statement, Tuan Sing Holdings reported full year 2011 revenue of $239.7 million and net profit of $40.3 million. To comply with the new financial reporting standard, the Group restated last year’s revenue to $344.5 million and net profit to $87.8 million.

Total comprehensive income attributable to shareholders was $49.0 million. Earnings per share were 3.5 cents as compared to the restated 7.7 cents last year while net asset value per share advanced to 52.7 cents at 31 December 2011, up from the restated 49.0 cents the previous year. The directors will be proposing a first and final dividend of 0.3 cent per share.

Property
Property registered revenue of $40.5 million as compared to the restated 2010 revenue of $162.1 million. 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 and higher rental income from investment properties. Overall, Property reported a profit after tax of $25.6 million, including a net fair value gain of $18.6 million mainly on investment properties. Property remained the major contributor to the Group’s profit.

Hotels Investment
Grand Hotel Group reported an 8% increase in net property income to A$40.1 million as both Grand Hyatt Melbourne and Hyatt Regency Perth reported a 12% increase in Revenue Per Available Room. 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.

Industrial Services
Industrial Services generated revenue of $199.8 million and profit after tax of $2.9 million for 2011. SP Corp’s revenue grew by 10% year-on-year to $187.0 million, driven by commodities trading and tyre sales. Profit after tax declined by 27% to $2.5 million due to losses incurred by its geotechnical services unit.

Other Investments
Other investments posted profit after tax of $8.7 million for the year, mainly from GulTech, which reported a 19% increase in net profit.
  

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Tags: Tuan Sing Holdings’ revenue 2011, Botanika, Mont Timah, rental income, investment properties