Thanks to raised earnings from JVs, associates.
Lian Beng’s profit skyrocketed to $55.1m in net profit in H1, reflecting a whopping 55.4% YoY increase from 1H15’s $35.5m. According to the media release by the company, the steep climb was due mainly to increased profits from associates and joint ventures.
The release specified that the higher profits were from residential property development projects NEWest, LAP Residences, The Midtown and Midtown Residences, as well as one-off recognition from Eco-tech@Sunview.
The company’s construction order book stood at approximately $350m as at 30 November 2015, providing it with sustainable flow of construction activities through FY17.
Moving forward, the company believes its robust cash level allows it to continue to explore local and overseas opportunities for expansion, said Lian Beng Executive Chairman Ong Pang.
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