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Lian Beng posts 39% fall in 1Q earnings to $7 mil on change in reporting standards

PC Lee
PC Lee10/12/2018 10:03 PM GMT+08  • 3 min read
Lian Beng posts 39% fall in 1Q earnings to $7 mil on change in reporting standards
SINGAPORE (Oct 12): Lian Beng Group reported a 38.9% drop earnings to $7 million in 1Q19 earnings ended August from $11.4 million in 1Q18 due to a change in reporting standards.
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SINGAPORE (Oct 12): Lian Beng Group reported a 38.9% drop earnings to $7 million in 1Q19 earnings ended August from $11.4 million in 1Q18 due to a change in reporting standards.

In 1Q19, the group’s 74.41%-owned property development arm, SLB Development (SLB), implemented the adoption of new SFRS reporting standards (SFRS(I)15), where revenue and cost of units sold for development properties are now recognised progressively according to the progress of construction work.

SLB was listed on the Catalist Board in April.

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