SINGAPORE: Singapore listed construction firm Lian Beng is on shaky ground as it recorded a 59.8% decrease in earnings for its 1Q17 ending in August.
The group managed to make $13.5 million in net profits in the said quarter, a sharp decline from last year’s $33.6 million.
The decrease in revenue generated from its construction and ready-mixed concrete segments ultimately hurt its earnings, Lian Beng claimed. Its revenue was down 47.8% lower to $70.8 million, a wider gap from last year’s $135 million revenue.
For Lian Beng Executive Chairperson Ong Pang Aik, the construction industry will remain challenging. However, he said the group will continue to leverage on its track record and proven capability to tender for more projects.
“Our financial position remains strong, providing us the financial muscles to seek out property development and investment opportunities locally and overseas, and to continue our business expansion through acquisition, joint venture and/or strategic alliances,” he said.
