SINGAPORE (May 7): Sing Holdings reported 1Q19 earnings increased 306.2% to $9.9 million from $2.4 million in 1Q18 on higher sales.

Revenue was 218.3% higher at $52.9 million from $16.6 million last year, comprising recognition of sales proceeds from development property and rental income from lease of an investment property.

As cost of sales increased by 219.9% y-o-y to $34.3 million, 1Q19 gross profit came in at $18.6 million, 215.4% higher than $5.9 million a year ago.

Other income saw a 65.1% increase to $1.2 million from $0.8 million in the previous year.

Administrative expenses increased 69.0% y-o-y to $1.2 million, while sales and marketing expenses grew 29.1% y-o-y to $0.6 million.

Shares in Sing Holdings closed at 39 cents on Tuesday.