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Friday, October 11, 2013

Lian Beng posts 31% fall in 1Q earnings to $7.3 mil


Lian Beng Group, the BCA Grade A1 construction company, said earnings fell 30.8% to $7.3 million for its first three months ended 31 August 2013 (1QFY2014) from 1QFY2013 mainly due to marketing expenses of group’s recently-launched property development projects.

Revenue rose 44.2% to $163.5 million due to the higher revenue recognition from its construction, property development and ready-mixed concrete segment.

Other operating income decreased to $1.0 million for 1QFY2014 due to the decrease in dividend income received in the quarter. Meanwhile, distribution expenses increased to $3 million for 1QFY2014 mainly due to the selling and marketing expenses from the sale of the group’s 50%-owned property development projects Spottiswoode Suites and The Midtown & Midtown Residences.

For 1QFY2014, there was also a share of losses of associates of $1.6 million mainly due to the selling and marketing expenses arising from the sale of NEWest, KAP Residences and Eco- Tech@Sunview.

Lian Beng said it has a construction order book of $1.2 billion as at Aug 31 to provide constant flow of activities through FY2016. Group’s cash and cash equivalents stood strong at $200.7 million.

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