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Lian Beng fiscal Q1 net profit surges 58.5%
LIAN Beng Group achieved a 58.5 per cent surge in net profit to S$11.97 million for its fiscal first quarter ended Aug 31, on the back of strong construction orders previously clinched.
The group's revenue rose 10.8 per cent to S$167.64 million over the same period, due mainly to an increase in revenue generated from the construction segment and workers' dormitory business, which more than offset the decrease in revenue in the ready-mixed concrete segment.
Attributing the strong results to seeds sown in the past, Lian Beng executive chairman Ong Pang Aik said: "The strengthening of our construction order book to above S$1 billion level last year has now translated to higher construction revenue for us.
"Also, the property development projects which we had increasingly participated through joint ventures in the past are bringing in the results now."