Tiong Seng Holdings, the Singaporeâ€based construction group and property developer, has reported a net profit attributable to equity holders for the three months ended 31 March 2010 (1QFY2010) of $3.1 million from $5.2 million a year ago (1QFY2009).
The lower net profit for Q12010 resulted from a decline in the group’s revenue to $54.2 million, from $122.8 million in Q12009. This was due mainly to a yearâ€onâ€year decrease in revenue from the sale of units from completed properties in China. In March 2009, the group completed the Tianmen Jinwan Building in Tianjin. In line with its accounting policy, all units sold since the start of sales in October 2007 till its completion were recognised in 1QFY2009.
