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Lian Beng reports 1HFY2023 earnings of $22 million, up 48% y-o-y

The Edge Singapore
The Edge Singapore1/12/2023 11:17 PM GMT+08  • 2 min read
Lian Beng reports 1HFY2023 earnings of $22 million, up 48% y-o-y
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Lian Beng Group has reported that earnings for the 1HFY203 ended Nov 30 increased by 48% y-o-y to $22 million. Revenue in the same period was up 11.6% to $421 million.

The company, which is in construction but also adjacent areas such as property development, plans to maintain an interim dividend of a cent per share.

“The results reflect Lian Beng Group’s adaptability to the rapidly changing industry conditions. We are glad to have been able to close the half year with a healthy cash level and order book,” says Ong Pang Aik, Lian Beng’s chairman and managing director.

The company’s core construction segment generated a revenue of $354 million, up 14.1% y-o-y, thanks to a general improvement in the level of construction activity.

On Jan 4, the company had announced its construction order book has reached $1.9 billion, to be fulfilled through FY2027.

The company warns that while construction activity has resumed, labour and costs continue to weigh on it.

See also: SIA group wide load factor for Feb was 86.6%, down 0.3% over Jan

Its property development segment, on the other hand, booked revenue of $38.2 million, down from $39.9 million in the year earlier 1HFY2022, because of lower revenue recognition from a light industrial project.

Lian Beng’s investment holding and dormitory segment, riding on better occupancy rates and rental rates, recorded a slightly higher revenue of $28.8 million, up 5.5%.

As at Nov 30, Lian Beng’s net asset value per share improved to 153.83 Singapore cents, compared to 153.40 Singapore cents a year ago.

Lian Beng shares last traded at 52 cents, down 6.36% from a year earlier.

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