SLB Development, the development spin-off from Lian Beng Group, has posted earnings of $10.8 million for FY20 ended May 31, swinging out from losses of $5.0 million a year ago.

Revenue for FY20 came in at $46.2 million, a 3.1% decrease from the $47.6 million a year ago, mainly due to the absence of revenue recognised from T-Space @ Tampines. The project was mostly completed in June 2018 with revenue on sold units fully recognised in FY2019.

The decline was partly offset by an increase in revenue recognised from Mactaggart Foodlink and INSPACE.

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