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Tiong Seng's 1Q earnings up fivefold to $4.9 mil on improved margins

Michelle Zhu
Michelle Zhu5/14/2018 06:14 PM GMT+08  • 3 min read
Tiong Seng's 1Q earnings up fivefold to $4.9 mil on improved margins
SINGAPORE (May 14): Tiong Seng Holdings reported 1Q18 earnings of $4.9 million, up nearly fivefold from its earnings of $1 million a year ago due to improved profit margins. 
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SINGAPORE (May 14): Tiong Seng Holdings reported 1Q18 earnings of $4.9 million, up nearly fivefold from its earnings of $1 million a year ago due to improved profit margins.

The group posted a 15.3% decline in revenue to $140.8 for the quarter as compared to $166.2 million in the previous year, due to lower revenue both its core construction segment and secondary property segment, where revenue fell 12.3% and 45.2% to $131.8 million and $8.4 million, respectively.

The lower construction revenue came on the back of less construction work done, as a result of differences in stages of its various construction contracts.

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