Lian Beng nine-month profit jumps 67% to $50.3m

CONSTRUCTION company and developer Lian Beng recorded a 67 per cent jump in net profit to $50.3 million for the nine months ended Feb 28 as it recognised profit from its industrial project that was just completed.

Revenue also grew 67 per cent to $585.6 million, mainly bolstered by its industrial development property M-Space, which attained TOP (temporary occupation permit) in January this year.

Lian Beng's executive chairman, Ong Pang Aik, noted that the group's stronger revenue was not solely due to the recognition of M-Space as revenues from construction and ready-mixed segments also showed improvement.