SINGAPORE (Nov 10): Tiong Seng, the construction group and property developer, announced that 9M earnings increased 94% to $19.6 million compared to $10.1 million in 9M16.
Revenue for the third month ended September was 1% lower at $554.2 million, compared to $554.1 million a year ago.
Revenue from the group’s construction contracts was up by 22% to $528.9 million from $433.6 million a year ago, mainly due to net increase in work done for new and on-going projects as a results of differences in stages of various construction contracts.
Rental income was up 10% to $1.41 million from $1.28 million last year.
In 9M17, revenue from sales of development properties dropped 79% to $23.8 million from $116.3 million last year.
Other income was 20% lower in 9M17 at $4.22 million from $5.25 million, mainly due to reduction in sales of car park lots.
The group’s order book as at Sept 30 stood at $636.9 million which is expected to extend till year 2020.
Looking ahead, the group continues to prospect for land acquisition prudently, focusing on selective land banking to avoid overpaying in the current heated market driven by the recent spate of en bloc sales.
Shares in Tiong Seng closed at 40 cents on Friday.
