Mainboard-listed Tuan Sing Holdings has posted a net profit of S$5.5 million in the first quarter, with Q1 revenue in its property portfolio swelling to S$8.1 million, from S$5.2 million over the same period last year.

The company said its overall revenue in the first quarter also climbed 49 percent to S$61.7 million, on the back of strong revenue recognition from development properties sales and higher industrial services sales.

Rental income from investment properties recorded a healthy growth, attributed mainly to higher contribution from International Factors Building and Robinson Towers. The company’s property portfolio remains the largest profit contributor, recording a profit after tax of S$2.4 million in the first quarter.

Meanwhile, industrial services posted a 39 percent jump in revenue to S$53.7 million, while profit after tax rose 56 percent to S$1.0 million. This was attributed to the increase in sales of tyres in the export markets, as well as higher coal commodities trading activities.

In terms of hotel investment, the company’s 50 percent-owned Grand Hotel Group saw higher room occupancy and revenue for both the Grand Hyatt Melbourne and Hyatt Regency Perth hotels, although some of the rooms are currently undergoing renovation works.

Tuan Sing noted it will officially launch its Mont Timah residential project and continue to sell the remaining units of Lakeside Ville Phase III in Shanghai, China. The company’s acquisition of a Seletar site was completed on 15 March and it plans to develop more than 300 residential units on the site, which is expected to be released in the market by the fourth quarter this year.