Tuan Sing says it posted a net profit after tax attributable to shareholders of $26.4 million for the first half year ended 30 June 2010, an increase of 520% compared to the same period last year.

Group revenue reached $180.5 million in the first half, compared to $84.5 million the same period last year. Earnings per share for the first half year rose to 2.3 cents from 0.4 cent a year earlier. Net assets value per share advanced to 44.5 cents as at end June 2010.

Property
For the first half of 2010, the property division recorded revenue of $77.7 million compared to $18.9 million the same period last year. Profit after tax for the segment was $22.1 million. Property was the major contributor to group revenue and profit for the period, says Tuan Sing. The strong property performance was underpinned by sales and progressive revenue and profit recognition of the Lakeside Ville Phase III project in Shanghai, China.

Hotels Investment
Grand Hotel Group posted a profit after tax of A$2.7 million ($3.3 million) which was inclusive of an exceptional gain of A$1.4 million on interest rate hedging instruments mandated by the lending banks. After taking into account funding cost at the holding level, the segment contributed a profit after tax of $0.6 million.

Industrial Services
Industrial Services generated revenue of $88.7 million and profit after tax of $2.2 million in the first half of 2010. Strong performance was recorded by the segment’s commodities trading activities.

Prospects
The outlook for 2010 appears positive, says Tuan Sing. With the current net cash position and a relatively stronger balance sheet, the group says it is well poised to respond positively to ever-changing market conditions and to capture opportunities when they arise.