Lian Beng posts 21% rise in Q1 earnings on associates' profits

Singapore

LIAN Beng Group saw its first-quarter net profit rise 21.3 per cent from the same period a year earlier despite a drop in gross profit, as associates' losses swung into earnings for the three months ended Aug 31.

The main contractor on Monday posted a net profit of S$7.4 million in its fiscal Q1, including a S$1.4 million share of profits of associates.

Lian Beng holds a 20 per cent stake in two development projects, Affinity @ Serangoon and Riverfront Residences. In the same period a year earlier, Lian Beng's share of losses from the project…