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