Lian Beng Q1 rides on devt business

Singapore

CONSTRUCTION firm Lian Beng Group's efforts to diversify into the development business amid a shrinking construction order book have paid off. Thanks to the recognition of its share of profits from development projects, Lian Beng posted a first-quarter net profit of S$32.3 million, up 169.5 per cent from S$11.97 million a year ago.

Its share of results of associates and joint ventures for the fiscal first quarter ended Aug 31, 2015, leapt to S$28.6 million during the quarter from S$5.1 million for 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.