Lian Beng posts record profit, higher dividends

BOOSTED by record revenue and higher gross margin, construction group Lian Beng's full-year net profit attributable to shareholders surged 19.4 per cent to a high of S$87.1 million.

The 12 months ended May 31 registered a 49.1 per cent jump in revenue to S$753.9 million. This was driven by a steep increase in property development turnover, thanks to healthy sales at its developments. Gross profit shot up 118.5 per cent to S$142.1 million.

"Property development sales topped S$199.5 million as a result of the full recognition of revenue from the fully-sold 55 per cent-owned industrial property development M-Space, as well as the sales from development projects: The Midtown and Midtown Residences, Spottiswoode Suites and Lincoln Suites," it said.