Lian Beng Group, the building construction group, has reported a 28% growth in after-tax profit to $11.4 million for the first half of its 2010 financial year, compared to $8.9 million a year ago. This was achieved on the back of a 4% rise in revenue to $157.6 million.

The top-line growth was driven by revenue recognition on progress made in the construction of various projects including the Ritz Carlton Residences in Cairnhill and camp facilities at Kranji, together with contribution from the property development and ready-mixed concrete business. Compared to a year ago, the group’s gross profit margin registered an improvement to 13.3%, from 12.2%.

In the six months, Lian Beng clinched two new contracts worth $213.7 million for the construction of private residential developments Waterfront Key, and The Gale. In addition, Lincoln Suites, which the group holds a 25% stake, was also launched.

At the close of the half-year, cash and cash equivalents stood at $37 million, representing a $33.1 million improvement from $3.9 million as at Nov 30, 2008.

As at Nov 30, 2009, the group’s order book stood at a healthy $598 million, which should provide it with a constant flow of construction activities through FY13.