Hit by construction halt, Lian Beng Group earnings fall 12.8% y-o-y in FY2020

Lian Beng Group posted a 12.8% y-o-y fall in earnings to $28.7 million for the FY2020 ended May 31, although revenue increased 43.8% y-o-y to $556.0 million for the same period, owing to higher revenue generated from the construction segment.  

“The higher revenue from the construction segment was due to the progressive revenue recognition of construction projects for about the first 10 months of FY2020. The Group did not record much revenue for the months of April and May as a result of circuit breaker measures implemented by the Singapore government to combat the Covid-19 pandemic,” says the company via an SGX filing on July 27.