Tuan Sing posts 53% rise in full-year net profit to $68.2m

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Tuan Sing Holdings says it posted a net profit after tax attributable to shareholders of $68.2 million for the year ended 31 December 2010, an increase of 53% compared to last year.

Property generated profit after tax of $52.3 million, driven by strong sales and profit recognition on Lakeside Ville Phase III in Shanghai and a fair value gain of $28.6 million largely from investment properties in Singapore.

Associate Grand Hyatt Group registered profit after tax of A$18.5 million ($23.8 million), including an exceptional gain of A$15.4 million arising from revaluation of hotel properties and financial instruments. Taking the group’s 50% share of GHG’s profit and funding cost at corporate level, Hotels Investment contributed profit after tax of $10.6 million..

Industrial Services posted a profit after tax of $3.9 million.

Tuan Sing’s directors has proposed a first and final dividend of 0.4 cents per share for the financial year 2010 compared to 0.3 cents per share in the previous year.

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