SLB Development, a subsidiary of Lian Beng Group, has issued a positive profit guidance for the 1HFY2022 ended Nov 30, 2021.
In its guidance, SLB Development says the group is expected to report a “significant increase” in its consolidated net profit for the period, compared to the corresponding period the year before.
The expected increase in profit is mainly attributed to the substantial sales of units in SLB Development’s property development projects and recognized as the projects’ construction progressed, says the group.
In a separate filing by Lian Beng Group, the group announced that the ongoing Covid-19 situation continues to be “challenging” for its construction business segment.
With this in mind and based on a preliminary view of its financial results, Lian Beng Group announced that its overall performance for the 1HFY2022 is expected to be lower compared to the same period the year before.
Both SLB Development and Lian Beng Group will release their results on or before Jan 14.
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Shares in SLB Development and Lian Beng Group closed 12 cents and 54.5 cents respectively on Jan 6.
Photo: Samuel Isaac Chua/The Edge Singapore
