Lian Beng posts record profit, higher dividends
Revenue jumps on rise in property development sales
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Chinese tariffs could leave cognac makers with too much brandy
Coffee variety is priciest since 1970s in blow to instant brews
South Korea’s probe alleges 211.2 billion won of illegal short trades
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami