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Lian Beng Group reports 12% drop in revenue

Posted on 28 Jul 2012 | Comments Off

SINGAPORE: Singapore’s sluggish construction market has hit Lian Beng Group’s top-line growth. Its revenues fell 12 per cent to S$445 million, in its latest fiscal year ended May.

Construction makes up three quarters of Lian Beng’s revenue, and its construction order book of over S$650 million will keep the firm busy until 2015.

But Lian Beng is branching into joint ventures to develop properties, as a secondary income stream. This includes Dragon Mansion, Hougang Plaza, Hong Leong Garden Shopping Centre, Seletar Garden, King Albert Park and Midlink Plaza.

Earlier in April, it also announced that it is eyeing a proposed listing of its engineering and concrete business in Taiwan.

Ms Ong Lay Koon, executive director of Lian Beng Group Ltd, said: “For the construction industry, I think the BCA has said that the construction demand is around S$17 billion and S$21 billion for 2012 and 2013. With more GLS (Government Land Sales) land coming out for tender, we believe that there’ll be a lot of projects coming out for tender.”

Lian Beng Group’s net profit jumped 8.1 per cent to S$52 million for the full year ended May 31, 2012.

Despite falling revenues, its profits was boosted by gains on the sale of its investment property at New Industrial Road for S$7.9 million.

Its earnings per share rose to 9.83 cents from 9.10 cents. It also increased its dividend by 25 per cent to 2.0 cents per share, from 1.6 cents per share last year.

Source : CNA – 2012 Jul 28

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Posted in Construction

Tagged Construction, Dragon Mansion, Hong Leong Garden Shopping Centre, Hougang Plaza, King Albert Park, Lian Beng Group, Midlink Plaza, Seletar Garden

Lian Beng wins $78m Far East condo contract

Posted on 17 Mar 2010 | Comments Off

CONSTRUCTION player Lian Beng Group has won a $78 million contract from Far East Group to build Centro Residences, with completion expected by January 2013.

The deal – the second in two weeks for Lian Beng – is for a 34-storey residential tower, multi-storey carpark, clubhouse, swimming pool, playground and ancillary facilities at Far East’s condominium development opposite Ang Mo Kio MRT Station. Work is expected to start this month.

Just last week, Lian Beng said it would be building a condominium at Dakota Crescent for $144 million. Taken together, the two contracts will add $222 million to the group’s order book, lifting it to $820 million.

‘As a group, we have been fairly successful in leveraging our internal resources to provide more value-added activities for our customers,’ said managing director Ong Pang Aik. ‘We are delighted to be able to work with Far East Group on another of its distinctive projects.’

Lian Beng enjoys good control over some key cost components – through ownership of its equipment fleet and ready-mix concrete facilities, in-house civil engineering expertise and an accredited training centre in Bangladesh.

As Singapore’s construction sector continues to see the return of previously deferred public and private projects, Lian Beng believes its experience of handling major projects should place it in a good position.

The group holds A1 accreditation from the Building and Construction Authority (BCA), which allows it to tender for general building contracts of unlimited value.

Lian Beng shares closed unchanged at 29.5 cents yesterday.

Source : Business Times – 17 Mar 2010