A SURGE in revenue and a fair value gain on investment properties helped Tuan Sing Holdings achieve a net profit of $23.32 million for the fourth quarter ended Dec 31, 2009, compared with a net loss of $13.57 million a year ago.
Revenue for the quarter was up 168 per cent at $82.13 million. A $33.3 million fair value gain on investment properties – offset by a $28.3 million charge (being share of exceptional items of equity-accounted investees) – resulted in one-time gains of about $5 million, against one-time losses of $3.5 million for the previous Q4.
For the full year 2009, net profit was $44.73 million, up from $2.69 million the previous year.
Revenue for the 12 months grew 4 per cent to $252.91 million. The higher revenue from property cushioned the impact of lower revenue from industrial services and retail.
Earnings per share were 2 cents for 4Q2009 and 3.9 cents for FY2009 respectively, as compared to a negative 1.2 cents for 4Q2008 and 0.2 cent for FY2008.
Tuan Sing said that it is cautiously optimistic about 2010 and is on the lookout to buy land for development in the region and China. ‘Although the worst of the economic crisis appears to have passed, the group enters year 2010 with cautious optimism,’ it said in its results announcement.
It declared a first and final dividend of 0.3 cent per share for 2009. No dividend was declared for the fourth quarter and full year ended Dec 31, 2008.
Tuan Sing shares closed trading yesterday at 23.5 cents.
Source : Business Times – 6 Feb 2010
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