{"id":76686,"date":"2018-01-15T11:03:03","date_gmt":"2018-01-15T04:03:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-lower-earnings-lian-beng-upbeat-on-property-outlook\/"},"modified":"2018-01-15T12:02:49","modified_gmt":"2018-01-15T05:02:49","slug":"despite-lower-earnings-lian-beng-upbeat-on-property-outlook","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-lower-earnings-lian-beng-upbeat-on-property-outlook\/","title":{"rendered":"Despite lower earnings, Lian Beng upbeat on property outlook"},"content":{"rendered":"


\nSingapore-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).
\nOver the same period, the Grade A1 construction group\u2019s gross profit slumped 33.5 percent to $19.55 million, while revenue fell by 27 percent to 87.64 million.
\nThe drop in revenue was mainly caused by its sluggish construction business, but was offset by contributions from its investment holding division.
\n\u201cNotwithstanding the lower revenue and profit to shareholders for H1 FY2018 compared to the corresponding period last year, the group is declaring an interim dividend of $0.01 per share, which is the same level as last year\u2019s interim dividend,\u201d it said in a statement.
\nDespite the lower earnings, Lian Beng maintained a healthy cash level of $155.9 million and its net construction order book reached $972 million as of 30 November 2017.
\nThe latter is expected to provide the company with a steady flow of revenue through FY2022. Among the deals it secured is a $136.8 million contract to build a condominium along Potong Pasir Avenue 1 and another $199.5 million work package for a housing project in Serangoon North Avenue.
\nIt is also bullish on its prospects as Singapore\u2019s Building and Construction Authority (BCA) projected earlier this month that between $16 billion and S$19 billion worth of public projects will be granted this year, surpassing the $15.5 billion in 2017. At the same time, total construction demand is expected to increase from last year\u2019s $24.5 billion to between $26 billion and $31 billion.
\nIn addition, the Urban Redevelopment Authority (URA)\u2019s recent flash estimates showed that prices of private homes edged up by one percent last year versus a 3.1 percent dip in 2016.
\nAmidst the positive outlook for the local real estate market, the firm is looking into spinning off its property development arm and list it on the Singapore Exchange\u2019s Catalyst Board. Hence, it plans to hold an extraordinary general meeting (EGM) to seek its stockholders\u2019 approval.
\nMeanwhile, Lian Beng\u2019s Executive Chairman Ong Pang Aik revealed that they recently agreed to divest a property at Franklin Street, Melbourne for A$90.15 million, with the transaction expected to be completed by 2H FY2018.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Despite lower earnings, Lian Beng upbeat on property outlook<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore-listed Lian Beng Group\u2019s net profit declined by 33.7 percent year-on-year to $12.19 million during...<\/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-76686","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-jWS","jetpack-related-posts":[{"id":68936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-group-posts-47-5-revenue-drop\/","url_meta":{"origin":76686,"position":0},"title":"Lian Beng Group posts 47.5% revenue drop","date":"October 13, 2017","format":false,"excerpt":"\r Lian 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). Consequently, gross profits and its earnings for the period fell by 33.1\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":76686,"position":1},"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":77318,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-to-ride-wave-of-housing-market-recovery\/","url_meta":{"origin":76686,"position":2},"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":66688,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-wins-contract-to-build-martin-modern-condo\/","url_meta":{"origin":76686,"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":74298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-ksh-heeton-buy-geylang-properties-for-60mil\/","url_meta":{"origin":76686,"position":4},"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":[]},{"id":24030,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-profit-slumps-71-on-lower-development\/","url_meta":{"origin":76686,"position":5},"title":"Sim Lian profit slumps 71% on lower development","date":"August 26, 2016","format":false,"excerpt":"\r The group expects market conditions in Singapore to remain challenging due to the property cooling measures. Source: Sim Lian Group Sim Lian Group, which recently announced plans to go private, has reported a 71 percent year-on-year slump in net profit to $68.8 million for the financial year ended 30\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\/76686"}],"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=76686"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76686\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=76686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=76686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=76686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}