Tuan Sing Holdings posted a net profit attributable to shareholders of $20.9 million for the first quarter 2010 from $0.7 million the same period last year.

Revenue stood to $105.7 million. Total comprehensive income attributable to shareholders was $24.2 million, as compared to $7.4 million the same quarter last year.

Earnings per share rose to 1.8 cents for the quarter and net assets value per share advanced to 45.4 cents as at 31 March 2010.

Property accounted for 57% of group revenue or $60.1 million compared to $5.8 million in 1Q09 as the Lakeside Ville Phase III project in Shanghai reported strong sales. Profit after tax was $18.5 million.

Grand Hotel Group reported a profit after tax of A$1.8 million ($2.3 million) which was inclusive of an exceptional gain of A$0.7 million on interest rate hedging instruments. At the GHG investment holding unit level, Hotels Investment contributed a profit after tax of $0.5 million.

Industrial Services generated revenue of $38.6 million and profit after tax of $0.7 million. Commodities trading and tyre sales reported much higher revenue in this quarter.

Retail recorded $7.1 million of revenue and $0.6 million of profit after tax.

Tuan Sing says the outlook for 2010 appears positive, provided the economic recovery is sustained.