{"id":68936,"date":"2017-10-13T09:49:31","date_gmt":"2017-10-13T02:49:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-group-posts-47-5-revenue-drop\/"},"modified":"2017-10-13T10:02:46","modified_gmt":"2017-10-13T03:02:46","slug":"lian-beng-group-posts-47-5-revenue-drop","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-group-posts-47-5-revenue-drop\/","title":{"rendered":"Lian Beng Group posts 47.5% revenue drop"},"content":{"rendered":"


\nLian Beng Group\u2019s revenue slumped by 47.5 percent year-on-year to $37.18 million in the first quarter ended 31 August 2017 primarily because of lower contributions from its construction business, revealed an SGX filing on Thursday (12 October).
\nConsequently, gross profits and its earnings for the period fell by 33.1 percent and 29.4 percent to $12.41 million and $8.94 million respectively.
\nNevertheless, the construction firm\u2019s other operating income increased by more than three-fold to $10.46 million from $3.35 million previously mainly due to the sale of its investment property at 247 & 249 Collins Street in Melbourne, Australia.
\n\u201cOur investments in property investment have helped us mitigate the cyclical nature of project-based segments such as construction and property development. The returns from property investment have enabled us to sustain our profit level despite the lower contribution from construction and property development segments,\u201d said Lian Beng Executive Chairman Ong Pang Aik.
\nAs of 31 August 2017, the company maintained healthy cash level of $146 million, while its net construction order book reached $661 million.
\nIn addition, it acquired more land bank for future redevelopments. Last May, a 20-percent-owned associate firm successfully acquired Rio Casa via en bloc sale for $575 million. Another firm where it owns a similar amount of stake acquired Serangoon Ville for $499 million in July 2017.
\nMeanwhile, Lian Beng announced on Thursday that it is mulling to spin-off its property development business and list it on the Catalist board of the Singapore Exchange.
\nPursuant to this, the construction company has appointed SAC Capital Private Limited as the financial advisor for the proposed spin-off as well as the sponsor and issue manager for the contemplated floatation.
\nThe rationale for the move is to provide a transparent valuation for its property development business and to let the management focus on their assigned business segments. Another reason is to enable this subsidiary to be financially independent and raise its own funds.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Lian Beng Group posts 47.5% revenue drop<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lian Beng Group\u2019s revenue slumped by 47.5 percent year-on-year to $37.18 million in the first...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-68936","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-hVS","jetpack-related-posts":[{"id":76686,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-lower-earnings-lian-beng-upbeat-on-property-outlook\/","url_meta":{"origin":68936,"position":0},"title":"Despite lower earnings, Lian Beng upbeat on property outlook","date":"January 15, 2018","format":false,"excerpt":"\r Singapore-listed Lian Beng Group\u2019s net profit declined by 33.7 percent year-on-year to $12.19 million during the first half ended 30 November 2017 (1H FY2018), revealed an SGX filing on Friday (12 January). Over the same period, the Grade A1 construction group\u2019s gross profit slumped 33.5 percent to $19.55 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77318,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-to-ride-wave-of-housing-market-recovery\/","url_meta":{"origin":68936,"position":1},"title":"Lian Beng to ride wave of housing market recovery","date":"January 19, 2018","format":false,"excerpt":"\r Rio Casa, a 286-unit development has been sold collectively for $575 million to Oxley-Lian Beng Venture Pte Ltd. Singapore-listed construction company Lian Beng Group has positioned itself to take advantage of the recovering private housing market. According to a report published by CIMB Research on Thursday (18 January), the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73205,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-secures-136-8m-contract-to-build-9-condos\/","url_meta":{"origin":68936,"position":2},"title":"Lian Beng secures $136.8m contract to build 9 condos","date":"November 29, 2017","format":false,"excerpt":"\r Lian Beng Group has been awarded a $136.8 million contract via a tender to build nine resident blocks at Potong Pasir Avenue 1 in Toa Payoh, revealed an SGX filing on Tuesday, 28 November. In particular, there will be four blocks of 8-storey residential buildings, two 19-storey blocks and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66688,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-wins-contract-to-build-martin-modern-condo\/","url_meta":{"origin":68936,"position":3},"title":"Lian Beng wins contract to build Martin Modern condo","date":"September 18, 2017","format":false,"excerpt":"\r Artist\u2019s impression of the infinity pool at Martin Modern. A wholly-owned subsidiary of Lian Beng Group has secured a $162 million contract to construct Martin Modern, a 99-year leasehold project comprising two 30-storey condominium blocks with a total of 450 units at Robertson Quay. According to an SGX filing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85866,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sembawang-shopping-centre-sold-to-lian-beng-joint-venture-for-248m\/","url_meta":{"origin":68936,"position":4},"title":"Sembawang Shopping Centre sold to Lian Beng joint venture for $248m","date":"April 19, 2018","format":false,"excerpt":"\r This is the largest transaction value achieved for a stand-alone retail mall with an original 999-year lease. (Photo: Colliers International) Sembawang Shopping Centre along Sembawang Road has been sold by CapitaLand Mall Trust (CMT) to a joint venture between Lian Beng Group and Apricot Capital for $248 million, marketing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-ksh-heeton-buy-geylang-properties-for-60mil\/","url_meta":{"origin":68936,"position":5},"title":"Lian Beng, KSH, Heeton buy Geylang properties for $60mil","date":"December 12, 2017","format":false,"excerpt":"\r Lian Beng Group Ltd, via its 42 percent-owned associated company Development 24 Pte. Ltd., has exercised an option to acquire the freehold properties known as 31 to 51 (ODD) Lorong 24 Geylang. KSH Holdings and Heeton Holdings also holds a 48 percent and 10 percent stake in Development 24.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/68936"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=68936"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/68936\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=68936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=68936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=68936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}