Lum Chang posts 1% decline in earnings to $29.5 mil for FY16

SINGAPORE (Aug 29): Construction company Lum Chang posted a 1% decline in earnings to $29.5 million compared to a year ago, mainly attributed to a loss in the fair value on investment properties of $2.9 million and a one-time $11.5 million gain from disposal of a subsidiary in FY15.

Earnings were also impacted by a rise in 18% administrative expenses to $30 million, while finance expenses increased 82% to $5.0 million.

Revenue rose 36% to $426.1 million due to the commencement of revenue recognition of two construction projects, increase in work performed from construction projects during the year, as well as higher revenue from one of the Group’s Malaysian development.

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