Lian Beng Group’s net profit soared 58.5 percent to $11.97 million during its fiscal first quarter ended 31 August, reported the media.
The group’s revenue rose 10.8 percent to $167.64 million, on the back of higher revenue from its construction segment as well as worker’s dormitory business
Lian Beng Executive Chairman Ong Pang Aik attributed the strong showing to previously sown seeds.
“The strengthening of our construction order book to above $1 billion level last year has now translated to higher construction revenue for us,” he said.
“Also, the property development projects which we had increasingly participated through joint ventures in the past are bringing in the results now.”
Notably, the group has entered into joint ventures to develop KAP Residences, the NEWest, The Midtown and Midtown Residences.
While these joint venture property projects will continue to contribute to earnings, Lian Beng pointed out its core construction business will remain the key revenue growth driver.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
