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Friday, 11 April 2014

Lian Beng nine-month profit jumps 67% to $50.3m

Revenue also rises 67% to $585.6m; group to continue to focus on construction segment
 
 

BT 20140411 LKLIANBENG 1040765
 
Mr Ong Pang Aik: Says the group's stronger revenue was not solely due to the recognition of M-Space as revenues from construction and ready-mixed segments also showed improvement. - FILE PHOTO

CONSTRUCTION company and developer Lian Beng recorded a 67 per cent jump in net profit to $50.3 million for the nine months ended Feb 28 as it recognised profit from its industrial project that was just completed.

Revenue also grew 67 per cent to $585.6 million, mainly bolstered by its industrial development property M-Space, which attained TOP (temporary occupation permit) in January this year.

Lian Beng's executive chairman, Ong Pang Aik, noted that the group's stronger revenue was not solely due to the recognition of M-Space as revenues from construction and ready-mixed segments also showed improvement.

The construction segment remained a key driver to the group revenue for the first nine months of fiscal 2014, contributing about 53 per cent, while its property development and ready-mixed concrete segments contributed 30 per cent and 15 per cent respectively.



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