Lian Beng's Q1 net profit falls despite surge in revenue
CONSTRUCTION firm Lian Beng's quarterly net profit slumped 30.9 per cent to $7.26 million as its other operating income fell and distribution expenses went up.
Profit fell despite revenue increasing by 44.2 per cent to $163.5 million.
Lian Beng said its other operating income decreased to $1 million, down from $2.7 million compared to the said period last year as it saw a fall in its dividend income received in the first quarter ended Aug 31.
Distribution expenses also jumped to $3 million from $200,000 on the back of high sales and marketing expenses of its projects, Spottiswoode Suites and The Midtown.