Lian Beng's revenue up 49.1%
Lian Beng Group's revenue surged 49.1 percent year-on-year to $753.9 million, while itsnet profit was up 38.7 percent to $127 million.
The record turnover was due to revenue increases in almost all its business segments, such as external sales of its construction segment and external sales of ready-mixed concrete.
Property development sales topped $199.5 million thanks to revenue from M-Space, an industrial property development, along with residential projects, Spottiswoode Suites and Lincoln Suites, as well as The Midtown and Midtown Residences (pictured), a mixed development in Hougang.
The Westlite Mandai Dormitory also contributed a full 12 months' revenue of $18.2 million.
Ong Pang Aik, Lian Beng's Executive Chairman, said, "These all-time high records are the fruits of the business strategy which we implemented in the past. This successful financial year is a testimony of our sound strategy of diversifying our business into related segments such as ready-mixed concrete, property development and investment, and dormitory."
Looking ahead, the Group's dormitory business segment is expected to continue to contribute to its revenue.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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