SINGAPORE (Aug 22): Lum Chang, the property developer and construction company, announced FY17 earnings dropped 37% to $18.7 million from $29.5 million in FY16.
This came on the back of a 13% decrease in revenue to $369.0 million from $426.1 million, mainly due to lower revenues of $53.9 million recognised from two of the group’s Malaysian developments and lower revenues from completed construction projects amounting to $173.6 million.
The lower revenue was however partially offset by higher revenue recognition of $171.1 million for three ongoing construction projects.
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