Lian Beng posts 4.7% fall in full-year earnings

SINGAPORE (July 27): Lian Beng Group saw a 4.7% drop in FY16 earnings to $102.9 million from $108 million a year ago.

For the full year to May, revenue declined 40.4% to $445.4 million, as the slowdown in the private construction sector led to lower revenue from its construction and ready-mixed concrete business segments.

But Lian Beng recorded a $56.1 million increase in share of results from associates and joint ventures, coming from property development projects like NeWest and KAP Residences, the strata sales of office units of Prudential Tower, and a one-off profit recognition from Eco-tech@Sunview. A fair value gain of $24.5 million from investment property Space@Tampines and a worker’s dormitory @Jalan Papan was also included.

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