Lum Chang Holdings announced earnings of $3.0 million for its FY2021 ended June, reversing out of a $2.1 million loss in FY2020.
This came on the back of a 1% increase in revenue to $325.6 million from $322.7 million a year ago. This was mainly due to higher revenue of $24.6 million generated from the property segment, offset by the decrease in revenue from the construction segment of $22.3 million.
The increase in revenue from property segment arose mainly from more units sold from the group's residential developments in Singapore and Malaysia, which resulted in an increase in revenue recognition of $27.4 million. The decrease in revenue from construction segment was mainly due to slower progress arising from Covid-19 measures and restrictions imposed at construction sites.