Lian Beng reports 5.2% lower earnings of $17.6 mil for 1H21 due to circuit breaker measures, foreign workforce disruptions

Homegrown building construction and property development company Lian Beng Group has registered earnings of $17.6 million for the 1HFY2021 ended November, 5.2% lower than earnings of $18.6 million a year ago.

Revenue for the half-year period fell 36.6% y-o-y to $197.5 million, mainly due to lower contribution from the group’s construction business as it saw four months of work suspension under the circuit breaker measures.

Following the lifting of the circuit breaker, resumption of work has remained “slow”, with disruptions in foreign workforce deployment. The additional time and costs incurred in complying with safe distancing measures affected revenue negatively as well.