Tiong Seng Holdings, the Singapore‐based construction group and property developer, has reported a net profit attributable to equity holders for the three months ended 31 March 2010 (1QFY2010) of $3.1 million from $5.2 million a year ago (1QFY2009).

The lower net profit for Q12010 resulted from a decline in the group’s revenue to $54.2 million, from $122.8 million in Q12009. This was due mainly to a year‐on‐year decrease in revenue from the sale of units from completed properties in China. In March 2009, the group completed the Tianmen Jinwan Building in Tianjin. In line with its accounting policy, all units sold since the start of sales in October 2007 till its completion were recognised in 1QFY2009.

For 1QFY2010, revenue from property development comprised only the sale of some of the remaining units in Tianmen Jinwan Building between January and March.

Revenue from the group’s construction contracts decreased by $8.6 million to $48.9 million. Projects which were close to completion and some of which were completed, such as Tribeca, Wilkie and Integrated Resorts Sentosa resulted in lower work activity levels, hence lower revenue recognised. This was partially offset by the increase in work activities for local on‐going projects such as Sky@Eleven, Hilltops and Shelford Suites, as well as road upgrading works in Papua New Guinea, totalling $18.8 million.

The group’s share of profits from joint ventures rose by $0.8 million, due mainly to an increase in share of profit from its joint venture projects with Kajima Overseas Asia.

As at 31 March 2010 remains healthy, the group has a cash balance of about $28 million.

Tiong Seng was awarded a contract of $150 million from the National University of Singapore for the construction of its Kent Vale NUS staff housing in March. This boosted the group’s order book for construction and civil engineering projects based on secured contracts to $954 million as at 31 May 2010. The company expects the majority of these orders to be fulfilled over the next 12 to 30 months.