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Tuesday, January 14, 2014

Lian Beng posts 13% fall in earnings to $16.7 mil for 1H

Source: http://www.theedgesingapore.com/the-daily-edge/business/46905-lian-beng-posts-13-fall-in-earnings-to-167-mil-for-1h.html

Construction company Lian Beng Group posted a 13.2% fall in earnings to $16.7 million for the six months ended on November 30 (1HFY2014).

Although revenue rose 39.6% to $328.1 million, higher marketing and sales costs for its projects dragged down quarterly profits.

Lian Beng saw top-line growth across all business segments, namely construction, property development and ready-mix concrete. Revenue for the construction segment increased 29.1% to $223 million, representing 68% of the group’s revenue. The projects that contributed to the growth include Spottiswoode Park, Hedges Park, Goodwood Residence, Waterfront Isle and others.

Sales of the group’s property projects jumped from $9.2 million for 1HFY2013 to $39.2 million for 1HFY2014. This increase was mainly attributable to higher revenue recognised from the group’s property projects including Lincoln Suites and Midtown Residences.

Sales from the group’s ready-mix concrete segment increased 9.3% to $57.8 million for 1HFY2014 from $52.9 million a year ago.

However, cost of sales went up by 40.4% to $286.8 million from $204.3 million.

The group’s construction order book stood at $1 billion as at 30 November 2013.

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