“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.
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.
