Lian Beng Group, the construction company cum developer, said it achieved record revenue and net profit of $753.9 million and $127 million respectively for its financial year ended 31 May 2014 (FY2014).
Full-year revenue surged 49.1% while net profit was up 38.7%. Correspondingly, profit to shareholders improved 19.4% to $87.1 million.
The group’s record turnover was the result of record revenues in almost all its business segments. External sales of Construction segment increased 12.7% to $424.7 million while external sales of ready-mixed concrete improved 7.3% to $111 million.
Property development sales topped $199.5 million as a result of the full recognition of revenue from the fully-sold 55%-owned industrial property development, M-Space, as well as the sales from property development projects The Midtown and Midtown Residences, Spottiswoode Suites and Lincoln Suites.
For the financial year, 55%-owned fully-completed Westlite Mandai Dormitory contributed a full 12 months’ revenue of $18.2 million.
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