SINGAPORE - Civil engineering and construction company Lian Beng reported a 45.4 per cent year-on-year drop in net profit to $18.4 million for its third quarter ended February 28, as revenue shrank 17.3 per cent to $202.3 million in the period.
As a result, Lian Beng's earnings per share for the quarter was 3.6 cents per share, down from 6.35 cents in last year's third quarter. Net asset value was 80.61 cents per share as at February 28.
Despite its weaker third quarter performance, the firm's construction order still stood at around $640 million as at February 28, providing sustainable activities flow through 2017, Lian Beng said when announcing its latest results on April 13.
Lian Beng also expects strong profit contributions this year from joint venture development projects Midtown and Spottiswoode Suites, which the firm has sold 96 per cent and 78 per cent respectively. Projects conducted by associates, including NEWest and KAP Residences, have also sold over 90 per cent and will boost earnings this year.
"The group's 65 per cent joint venture development project at Mandai Link has sold 93 per cent… and this will contribute revenue and profit to the group in 2018," Lian Beng added, which will also co-develop a workers' dormitory and training centre for the Association of Process Industry, to be completed mid next year.
Lian Beng's shares closed flat at 58 cents.