Company Briefs: Lian Beng Group; GKE Corporation

Lian Beng Group

Construction company Lian Beng's profit took a hit as revenues plunged in the third quarter.

The mainboard-listed company reported revenue fell 64.3 per cent to $36.2 million year on year.

This affected its bottom line as net profit fell 83.5 per cent to hit $2.9 million for the quarter.

The company attributed the decrease in revenue mainly to a fall in construction and ready-mixed concrete segments, due to a slowdown in private-sector construction activities.

However, the company noted that it had secured its largest construction contract of $435 million from the Housing Board earlier this month, which will provide "a steady flow of activity through 2020".

Earnings per share for the third quarter came in at 0.57 cent, down from 3.45 cents a year earlier.

Net asset value per share was 111.41 cents as of Feb 28, up from 109.13 cents as of May 31.

GKE Corporation

Logistics firm GKE Corp widened its losses in the third quarter, even as it reported significantly higher revenue.

For the quarter ended Feb 28, the company reported a 73 per cent increase in revenue to $16 million.

However, it incurred a greater net loss of $930,000, up from a net loss of $667,000 a year earlier.

The company attributed the higher revenue gains from its subsidiaries.

These include chemical warehouse operator Marquis Services, a ready-mix concrete manufacturing plant Wuzhou Xing Jian and newly acquired port operations service provider TNS Ocean Lines.

However, it also suffered from increased operational expenses, increasing its costs of sales by 91 per cent to $12.7 million.

Loss per share for the quarter was 0.14 cent, up from 0.10 cent for the corresponding period a year ago.

Net asset value was 12.34 cents as at Feb 28, down from 13.43 cents as at May 31.

A version of this article appeared in the print edition of The Straits Times on April 13, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe