Lum Chang posts 2% increase in Q3 net profit to S$3.7m

Construction firm Lum Chang has posted a third-quarter net profit of S$3.7 million, an increase of two per cent on-year.

In the same period, its revenue grew by three per cent to S$51.6 million.

The firm said this was due to revenue recognition from four construction projects, which amounted to S$42.3 million.

The group’s net profit for the first nine months dropped by 23 per cent to S$4.7 million.

This came on the back of a two per cent improvement in revenue to S$144.6 million.

Lum Chang said the slowdown in private sector development will have some knock-on effect on construction demand.

But it is expecting the planned increase in public sector spending to cushion the impact and lift the prospects for the construction sector.

It also expects its real estate business to stay subdued in light of weaker interest in properties.

Source : Channel NewsAsia – 14 May 2009

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