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Lian Beng Group's net profit in Q3 down 45.4%
Lian Beng Group's net profit for the third quarter ended February fell 45.4 per cent, from S$33.7 million to S$18.4 million on the back of revenue falling 17.3 per cent from S$244.5 million to S$202.3 million.
For the nine months ended February, net profit rose 5.7 per cent from S$50.9 million to S$53.9 million. Revenue rose 6.3 per cent from S$536.2 million to S$569.9 million.
Said Ong Pang Aik, Lian Beng's executive chairman: "Our project-based construction and properly development business and our recurring income business such as dormitory, property investment have all contributed to the group's growing profit to shareholders. Our newer businesses such as overseas property development and the asphalt premix plant will contribute positively to our growth when they enter into their mature stages."