Lian Beng's nine-month net profit falls 26% due to lower margins and lack of one-off gain

Lian Beng Group's net profit fell 25.7 per cent to $30.1 million for the nine months to Feb 28, due to lower gross margins, higher operating expenses and the absence of a one-off gain which had boosted the period one year earlier.

Revenue, however, rose 5.1 per cent to $350.7 million.

Lian Beng said its construction segment contributed about 75 per cent to turnover while its property development business chipped in 4 per cent and the ready-mixed concrete segment contributed 21 per cent.

Earnings per share were 5.69 cents for the three quarters, down from 7.66 cents a year ago. Net asset value per share was 47.44 cents at Feb 28, from 43.69 cents at May 31 last year.

The firm reported only the consolidated results for the nine months, without reporting the third quarter performance specifically.