Lum Chang Holdings has reported earnings of $3.6 million in the 1HFY2024 ended Dec 31, 2023, 431% higher than the earnings of $684,000 in the corresponding period the year before.
Revenue rose by 18% y-o-y to $232.6 million, mainly due to the higher revenue generated from the company’s construction segment and partly offset by lower revenue from the property segment.
Revenue from the construction segment was up by 21% y-o-y to $221.6 million due to the higher level in construction activities during the period. The group had various on-going projects and commenced new projects in the six-month period.
Revenue from the property segment fell by 17% y-o-y to $10.0 million with no semi-detached units sold for the 1HFY2024, as they were sold out in the FY2023. This was offset by the increase in Malaysian revenue as more homes under construction were sold during the 1HFY2024.
Gross profit was up by 57% y-o-y to $22.0 million.
Profit before income tax was up by 19 times at $6.5 million from $343,000, mainly due to the improved performance from the construction segment.
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As at Dec 31, 2023, cash and cash equivalents stood at $54.6 million.
An interim dividend of 0.50 cents was declared for the period, down from the 0.75 cents declared in the 1HFY2023. The dividend will be paid on March 15.
Shares in Lum Chang closed flat at 29 cents on Feb 8.
