SINGAPORE (Jan 11): Lian Beng Group posted a 75% drop in earnings to $5.7 million in 2Q17, compared to $22.9 million a year ago.
This was on the back of lower revenue, which fell 62.1% to $49.2 million in the quarter ended Nov 30, from $130.0 million in 1Q16.
In an SGX filing on Wednesday, Lian Beng says the lower revenue was mainly due to a decrease in revenue generated from its construction segment and ready-mixed concrete segment.
Cash and cash equivalents stood at $154.9 million as at Nov 30, 2016.
Similar to a year ago, Beng Lian declared an interim cash dividend of 1 cent per share for the period ended Nov 30, 2016.
The interim dividend will be paid to shareholders on Jan 26, 2017.
“The construction industry outlook is expected to continue to be challenging in the next 12 months with high labour cost due to higher foreign worker levies and keen competition,” Lian Beng says.
Shares of Lian Beng Group closed flat at 48 cents on Wednesday.