MAINBOARD-LISTED Lian Beng recorded a 51.1 per cent increase in net profit to S$11.2 million for the second quarter ended November, while revenue doubled to S$164.7 million. This translates to earnings per share of 2.24 cents for Q2, compared to 1.48 cents a year ago.
The company also declared a S$0.01 interim dividend, unchanged from a year ago, to be paid out on Feb 10. The rise in Lian Beng's Q2 revenue came from both its construction and property development segments. Higher revenue in the former segment arose from projects in their initial stages, while the latter segment benefited from contributions of the Mactaggart Foodlink industrial property.
The increase in the level of construction activity enabled Lian Beng to record a 44.2 per cent increase in gross profit to S$24.8 million in Q2, compared to S$17.2 million a year ago. Lian Beng also recorded a S$600,000 gain on disposal of a former subsidiary that held the development site at 50 Lorong 21 Geylang.For H1FY2020, Lian Beng saw net profit rise 37.7 per cent to S$18.6 million, on the back of a 88.4 per cent jump in revenue to S$311.4 million.
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