Lian Beng posts record results, boosted by fair-value gain
Full-year earnings jump 24% to S$108m; revenue up 9.4% to S$747m
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Mindy Tan
Singapore
LIAN Beng Group posted record net profit and revenue for the full year ended May 31, 2015, boosted by a higher fair-value gain on investment properties and profits from its construction and dormitory segments. The group's net profit jumped 24 per cent to S$108 million and revenue rose 9.4 per cent to S$747 million.
The results were boosted by a 40.6 per cent increase in fair-value gain on investment properties to S$52.4 million and a surge in the group's share of results from associates and joint ventures (JVs) to S$43.6 million mainly from the disposal of the group's 19 per cent owned JV company, 122 Middle Investment Pte Ltd (122MIPL) which owned the hotel development at 122 Middle Road. 122MIPL was disposed at a consideration of S$270 million in September 2014.
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