RIDING the wave of the residential property market, Lian Beng Group reported yesterday a 174.2 per cent surge in net profit for the first quarter ended Aug 31 to $5.28 million. This was helped by a 128.6 per cent jump in revenue to $85.1 million from the previous Q1’s $37.2 million. This was driven by completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium.
The group also saw higher revenue contribution from Ola Residences, a wholly owned property development project, and improvement in operational productivity.
Source : Business Times – 16 Oct 2009
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