Tuan Sing net profit sinks 52% in FY2024
The group’s revenue decreased by 37% YoY.
Tuan Sing Holdings Limited’s net profit attributable to shareholders dropped by 52% year-on-year (YoY) to $2.3m for the financial year 2024, driven by a decline in occupancy rate.
The group’s revenue decreased by 37% YoY to $192.5m due to lower contributions from Real Estate Development.
Revenue from the segment fell by 70% YoY to $44.9m due to lower progressive revenue recognition of units sold in Peak Residence.
Moreover, revenue from Real Estate Investment also sank 11% YoY to $53.4m due to lower contributions from Link@896 in Singapore.
The Hospitality segment remained stable with a revenue of $88.4m.
The company declared an earnings per share of $0.19.