Tuan Sing 4Q2015 earnings down 41% y-o-y to $14.4 million

Artist impression of Seletar Park Residence (Source: Tuan Sing Holdings Limited)

Property developer Tuan Sing Holdings reported 4Q2015 earnings of $14.4 million, 41% lower than a year ago. However, revenue was 28% higher y-o-y at $143.42 million compared to 4Q2014. For the full year (FY2015) earnings recorded was $68.83 million, 13% higher than the previous year. Revenue was 91% higher y-o-y tat $677.12 million.

Higher revenue came from progressive recognition of units sold in residential developments such as Seletar Park Residence, Sennett Residence, and Cluny Park Residence. Seletar Park Residence is over 95% sold and will obtain its Certificate of Statutory Completion this month. Sennett Residence is also more than 95% sold while Cluny Park Residence is about half sold.

Its hotel investments in Australia, namely Grand Hyatt Melbourne and Hyatt Regency Perth contributed A$140.6 million (S$141.78 million) in revenue and A$42.8 million in income.

Its commercial building Robinson Point is fully leased, while the redevelopment of Robinson Tower has started with construction expected to be completed in 2018.

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