LIAN Beng Group posted a 169.5 per cent surge in net profit to S$32.3 million for its first quarter ended Aug 31, mainly bolstered by the group's recognition of profit from a few development projects.
The share of results of associates and joint ventures leapt to S$28.6 million during the quarter from S$5.1 million in the year-ago period due to development projects NEWest, KAP Residences, The Midtown and Midtown Residences, and the one-off recognition from industrial project Eco-tech@Sunview which obtained temporary occupation permit (TOP) in the quarter.
Revenue during the quarter fell 19.1 per cent to S$135.6 million due to the weaker construction segment and ready-mixed concrete segment.
As at Aug 31, the group's order book stood at about S$452 million. Lian Beng said that this will provide it with a sustainable flow of activities through FY2017.