Tuan Sing Holdings, the company with businesses in property, hotels investment, industrial services and retail, posted a net profit of $44.7 million for FY2009, up from $2.7 million in last year.

Although revenue grew by 4% to $252.9 million, pre-tax profit before exceptional items increased by 143% to $34.8 million.

Property posted a 91% increase in revenue to $103.6 million backed by strong sales and progressive recognition from Lakeside Ville Phase III, as well as higher rental income from investment properties. During the year, the group divested Harrison Industrial Building and contracted to sell Katong Mall, resulted in a gain on disposal of $1 million and a fair value gain of $50.3 million respectively. Overall, the property division reported a profit after tax of $53.4m and was the major contributor to the group’s profit for the year.

Hotels investment reported a loss before tax and exceptional items of $1.4 million, and a loss after tax of $18.4 million with GHG reporting a profit after tax of A$3.6 million ($4.5 million) and an exceptional loss of A$38.6 million resulting from fair value loss on its hotel properties.

Exceptional net gain was $11.1 million as compared to a net loss of $9.6 million in 2008.

The group’s total comprehensive income attributable to shareholders amounted to $80.2 million as compared to a loss of $25.3 million last year. Earning per share rose to 3.9 cents (2008: 0.2 cent) and net assets value per share increased to 43.3 cents (2008: 36.2 cents).

The group says it is entering 2010 with cautious optimism. The stronger financial position and healthy cash flow achieved in 2009 will enable the group to look out for new plots of land for development in the region and China to strengthen its core property businesses.

For the property division, Lakeside Ville III in Shanghai was well received with majority sold as at end January. Significant portion of revenue and profit will continue to be recognised from progressive sales through 2010. In Singapore, the luxurious “Mont Timah” is expected to be launched soon. In China, Fujian, plans are underway to develop the 163,740 square meters site in Fuzhou into luxurious low-density villas.

In Australia, 2009 was a difficult year in general for the hotel industry, but a gradual recovery of the Australian hotel market in 2010 is expected. The group will continue to implement asset enhancement initiatives to optimise the value of GHG’s hotels which include interior redesign and renovation for both its hotels at Melbourne and Perth.

Tuan Sing’s directors are proposing a first and final dividend of 0.3 cent per share for FY2009.