Singapore-based building construction group Lian Beng Group has announced that its net profit doubled to S$36.6 million in the first nine months ended 28 February, while revenue jumped 58 percent to S$379.9 million, from S$240.5 million over the same period last year.
The company said higher revenue recognition from the construction of ongoing and new projects, along with contribution from property development, continued to boost its top-line growth in the nine-month period.
“We are pleased to have sustained the growth momentum achieved since the start of the financial year,” said Ong Pang Aik, the group’s Managing Director.
“This reflects not only the strength of Singapore’s construction industry, but also our efforts to improve productivity and operational efficiency.”
Looking forward, Lian Beng remains cautiously optimistic about the construction industry’s outlook over the next 12 months, as the government continues to release public infrastructure projects and the property market sustains a stable growth.
Separately, the company, through its wholly-owned subsidiary Goldprime Investment, has agreed to sell an industrial property at 18 New Industrial Road for S$32.5 million to TAS Services Ltd.
The company said net proceeds from the divestment process will be reserved for future investments.