Lian Beng Group's Q1 net profit down 60.8%

SINGAPORE - Construction firm Lian Beng Group reported a net profit for the first quarter slumped 60.8 per cent to S$12.7 million.

Revenue for the three months to Aug 31 dropped 47.8 per cent to S$70.8 million , mainly owing to a fall in revenue from the construction and ready-mixed concrete segments, the company said on Thursday.

Gross profit was up 21.7 per cent to S$18.5 million from higher profit from the construction division.

Quarterly earnings per share was 2.53 cents, down from 6.35 cents a year earlier, while net asset value per share was 111.94 cents as at Aug 31, up from 109.13 cents as at May 31.