Lian Beng's half-year net profit doubles to $35.5 million

SINGAPORE - Construction firm Lian Beng said its net profit rose by 105.2 per cent to $35.5 million for the first half ended Nov 30.

Revenue for the period climbed 26.1 per cent to $367.6 million.

The higher profit was largely due to share of results of associates and joint ventures amounting to $21.5 million, including the disposal of the group's stake in the hotel development at Middle Road and recognition of profits from residential projects.

Net asset value improved from 74.49 cents to 77.91 cents per share as at Nov 30 and earnings per share for the half year was 6.75 cents, Lian Beng.

The company declared an interim dividend of one cent a share.

Lian Beng's executive chairman Ong Pang Aik said: "Our revenue from our core construction business and our dormitory business continue to improve, while our property development and invesment business has also brought the additional earnings."

The company expects a challenging outlook for the construction industry, but is cautiously optimistic as its order book as at Nov 30 stood at around $821 million, providing a sustainable flow of activities through 2017.

Lian Beng's shares closed flat at 61.5 cents yesterday.