Lian Beng Group’s FY15 Earnings Up 24% To $108 Million

Lian Beng Group announced FY15 revenue of $747 million, up 9.4 percent from the same period last year, while net profit grew 24 percent to $108 million.

Construction segment, the main revenue driver, surged by 46.7 percent or $200.2 million, mainly due to higher revenue recognition from the on-going and new construction projects.

Gross profit fell 36.7 percent to $79.3 million due to recognition of profit upon completion of the industrial development project, M-Space in FY14.

Overall, the group’s performance was boosted by a $52.4 million fair value gain arising from the gain from valuation of dormitory property after offsetting the loss from the valuation of other investment properties.

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