Tuan Sing

Tuan Sing: Reported strong set of results which was above estimates. Rev at $104.5m, +76% yoy and +45% qoq, while net profit at $11.61m, +167% yoy and +38% qoq. YTD, grp reported an 86% increase in profit to $18.42m. Strong results was mainly attributable to higher sales from development property projects in SG, while share of profit from GHG and GulTech was up 132% to $10.4m on account of better operating performance in Grand Hyatt Melbourne and Hyatt Regency Perth, due to strong mkt demand and better market image. Looking ahead, the group said it will focus on its core property mkts in SG and China and remains confident in the long term prospects of those markets