Tiong Seng's net profit jumped 93.9% to $3.2m in Q1
On back of better profit margins.
Tiong Seng reported that its net profit surged 93.9% year-on-year to $3.2m in the first quarter, on back of improved profit margins for its construction projects.
However, the group's revenue declined 39.8% to $102m as revenue recognition was affected by differences in stages of completion of various projects.
The group declared an earnings per share (EPS) of 0.35 cents, almost double the 0.18 cents that it declared in the same period last year.