Lian Beng’s H1 net earnings up 28% to S$11.4m

Mainboard-listed construction firm Lian Beng Group on Tuesday said its half year net earnings rose 28 per cent to S$11.4 million from a year earlier.

This was on the back of a 4 per cent rise in revenue to S$157.6 million for the six months ended November.

Lian Beng said the top-line growth was driven by revenue recognition on progress made in the construction of various projects.

These include the Ritz Carlton Residences in Cairnhill and camp facilities at Kranji, together with contribution from the property development and ready-mixed concrete business.

In the six months, Lian Beng clinched two new contracts worth S$213.7 million for the construction of private residential developments Waterfront Key and The Gale.

In addition, Lincoln Suites, in which the group holds a 25 per cent stake, was also launched to positive response from the public.

With the signs of economic improvement in Singapore becoming more evident, Lian Beng expects the local private residential property market to continue to enjoy a robust, healthy and sustained level of interest, as witnessed in the past six months.

Following the successful launch of various private property developments, the group is hopeful of an increase in demand for construction services from the private sector in the ensuing 12 months.

Source : Channel NewsAsia – 12 Jan 2010

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