Ley Choon Group marks turnaround in Q3 and nine months, 2016

LEY Choon Group Holdings has cemented a turnaround from a year ago with a net profit of S$8.76 million for the third quarter ended Dec 31, 2016, and S$14 million for the first nine months.

The construction company had incurred net losses of S$2.85 million and S$46.54 million in the year-ago periods respectively.

This came on the back of a surge in other income mainly from a gain on the disposal of office building at 55 Kranji Crescent together with the plant and equipment during the third quarter.

For the nine months to end-December, other income was bolstered by a gain on the disposal of No 4 Sungei Kadut Street 2 and 55 Kranji Crescent.

Revenue slipped 10.2 per cent to S$27.64 million for the third quarter but was buffered by lower cost of sales; for the first nine months, revenue rose 42.1 per cent to S$86.2 million.

Ley Choon said its unfulfilled order book stands at about S$157 million. Among its latest new contract is a S$2.7 million contract from Public Utilities Board in November 2016.

"In view of the strong demand from public sector on infrastructure projects, the group will continue to tender for more projects to strengthen its order book," it said.