MAINBOARD-listed Tuan Sing Holdings has declared a net special dividend of 0.5 cent per share for the financial year ending Dec 31, 2007. The company announced this when it unveiled its third-quarter results yesterday.
Tuan Sing achieved net profit of $14.5 million for the July-September quarter, down 66 per cent from $43.1 million for the previous corresponding quarter, which included a $43.6 million profit after tax from discontinued operations. Q3 revenue rose 2 per cent to $81.1 million.
The Q3 results raised its net profit for the first nine months to $62.5 million, a 19 per cent year-on-year rise. This is despite revenue for the nine months slipping 5 per cent to $260.8 million from $273.6 million, and the absence of the $43.6 million one-off deconsolidation gain on its investment in Gul Technologies Singapore that boosted its results last year.
Earnings per share for the nine months stood at 5.5 cents, up from 4.6 cents. This represents an annualised return on equity of 27 per cent.
NTA per share was 31.9 cents, up from 22.5 cents nine months ago.
The company made no mention of plans to redevelop its cluster of three properties comprising the ageing 13-storey Robinson Towers on Robinson Road, its adjacent Annex building, and the 13-storey International Factors Buildings which sits sandwiched between Robinson Road and Maxwell Street.
Source : Business Times - 8 Nov 2007
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