Tuan Sing swings to H1 profit on $19.2m

Revenue fell 34% YoY to $70.3m due to muted operational performance across its core business segments.

Tuan Sing Holdings reported a net profit of $14.5m for the first half of 2025, swinging back into the black from a $6.6m loss a year earlier.

The turnaround was driven by $19.2m in fair value gains from its portfolio of investment properties and hospitality assets, most notably the ongoing enhancement of Dunearn Village in Singapore (formerly Link@896).

Despite the improved bottom line, revenue fell 34% YoY to $70.3m due to muted operational performance across its core business segments. Real estate investment revenue declined 11% to $24.5m, impacted by lower contributions from Dunearn Village as enhancement works continued.

Real estate development revenue plunged 94% to $2.0m following the completion of Peak Residence in late 2024. Hospitality revenue also slipped 7% to $41.7m, as rebranding transitions dampened performance in Perth, partially offset by stronger Melbourne hotel operations and the addition of Fraser Residence River Promenade in Singapore.

GulTech, Tuan Sing’s 44.5%-owned printed circuit board manufacturer, posted a 14% increase in adjusted EBIT to $15.6m, supported by higher demand and easing price competition.

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