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Lum Chang posts 37 per cent fall in FY2017 net profit

PROPERTY and construction group Lum Chang Holdings posted a 37 per cent drop in group net profit for the year ended June 30 to S$18.7 million.

Revenue slipped 13 per cent to S$369.02 million, due largely to lower revenues of S$53.9 million recognised from two of the group's Malaysian developments as well as lower revenues from completed construction projects amounting to S$173.6 million. That said, the lower revenue was partly offset by higher revenue recognition of S$171.1 million for three ongoing construction projects.

Earnings per share fell to 4.91 Singapore cents for FY2017 from 7.73 Singapore cents in FY2016. Net asset value per share rose to 57.91 Singapore cents as at June 30, 2017 from 55.75 Singapore cents as at June 30, 2016.

Lum Chang is proposing a final dividend of 1.2 Singapore cents per share.

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On the stock market, the counter ended 0.5 Singapore cent higher at 35.5 Singapore cents on Tuesday. Lum Chang released its results after the stock market closed.