SINGAPORE (Oct 24): Tuan Sing Holdings, the property developer and investor, reported 3Q18 earnings ended Sept of $3.8 million, a decline of 35% from a year ago mainly due to the absence of a one-off liquidated damages of $2.9 million received in 3Q17 from a contractor for its delay in an investment development project.

For the 9M18 ended Sept, earnings came in at $14.9 million, up 16% from a year ago, mainly on the back of a $3.9 million gain from the divestment of a subsidiary in China and higher profits from GulTech, but partially offset by the absence of the liquidated damages.

Revenue for 3Q18 was $94.6 million down 6% from a year ago, mainly due to lower sales of residential development projects and lower contributions from the group’s hotels business but partially offset by higher revenue in the industrial services segment.

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