SINGAPORE (Nov 2): Singapore contractor Tiong Seng Holdings posted a fall in earnings for 3Q16 to $1.88 million, 30% down from $2.67 million in the same period the year before.

Overall revenue fell by 12% to $145.9 million mainly due to lower income from the sales of goods and development properties, which declined 85% and 42% respectively.

No interim dividend has been declared for the quarter.

On a nine-month basis, the group reported a 37.5% increase in net profit to $10.1 million driven by its construction and property development segments, on the back of a 52% surge in 9M16 revenue to $555.1 million.

“Apart from a conscientious effort to control costs, we prioritise pursuing high-yielding construction and property development projects. With the progressive recognition of these projects, $141 million of positive operating cash flow was generated [for 9M16],” notes Pek Lian Guan, CEO of the group.

“This bolstered our balance sheet strength as our gearing ratio improves substantially to 0.56 from 0.93 as at 31 Dec 2015. Going forward, we remain supported by a robust order book size amounting S$1.2 billion, which extends to 2020,” he adds.

Shares of Tiong Seng closed flat at 21 cents.

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