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Tiong Seng posts 73% drop in 1Q earnings to $1.3 mil

Samantha Chiew
Samantha Chiew5/13/2019 06:20 PM GMT+08  • 2 min read
Tiong Seng posts 73% drop in 1Q earnings to $1.3 mil
SINGAPORE (May 13): Tiong Seng Holdings announced that its 1Q19 earnings have dropped by 73% to $1.3 million, compared to $4.9 million in 1Q18.
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SINGAPORE (May 13): Tiong Seng Holdings announced that its 1Q19 earnings have dropped by 73% to $1.3 million, compared to $4.9 million in 1Q18.

Total revenue for the period dropped 37% to $89.3 million from $140.8 million a year ago, this was mainly due to lower revenue contributions from all of the group’s business segments – construction contracts, sales of development properties and rental income.

Construction revenue dropped 38% y-o-y, mainly due to differences in stages of various construction contracts and the net decrease in work done for various projects, as old ones got completed and contributions from new ones not being significant in contrast.

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