Stronger contribution from Malaysian unit lifts earnings of Lum Chang by 2%

Stronger contribution from a Malaysian subsidiary lifted Lum Chang Holdings' net profit by 2 per cent to $21.5 million.

Revenue for the year ended June 30 climbed by 75 per cent to $494.6 million.

This was mainly due to the start of revenue recognition for two construction projects, which reported revenues amounting to $125.4 million.

Higher revenue of $39.2 million was also due to the completion of more phases at one of the group's Malaysian development.

Earnings per share rose to 5.8 cents from 5.62 cents previously while net asset value per share grew by 3.57 cents to 46.03 cents.

Lum Chang said Twin Fountains, its joint condominium project with Frasers Centrepoint, has been well received by buyers, with 78 per cent of 418 units sold to date.

In Malaysia, sales of the group's Twin Palms developments, Sungai Long and Kemensah, are ongoing.

An unchanged final dividend of 1.25 cents a share was proposed.