SINGAPORE - First quarter net profit of construction firm Lian Beng rocketed over higher share of profits from associates and joint ventures, the company said on Tuesday.
Net profit rose 169.5 per cent to S$32.3 million for the three months ending August 31. Revenue fell 19.1 per cent to S$135.6 million.
The share of profits increased as associates and joint ventures recognised profits from real estate projects like NEWest, KAP Residences, Eco-tech@Sunview and The MidTown.
Revenue decreased mainly because of lower income from the construction business and the ready-mixed concrete business.
Earnings per share for the three months was 6.35 cents, up from 2.26 cents a year ago. Net asset value per ordinary share was 96.42 cents as at Aug 31, up from 91 cents as at May 31.
Lian Beng did not declare a dividend.
It said that in light of reduced economic growth projections and slowing economic growth this year, it was cautiously optimistic of the construction market outlook for the next 12 months.