Lian Beng's profits dropped 23.4% to S$39.4m
Construction books stood at S$1.3b.
According to OCBC Investment Research, Lian Beng announced FY13 (ended 31 May 2013) PATMI of S$39.4m – down 23.4% – this is mostly due to an absence of a S$7.9m gain from an investment property sale in FY12.
Here's more:
FY13 topline, however, increased 13.6% to S$505.6m on higher revenue recognition from its construction and readymixed concrete segments. We note that Lian Beng’s construction books as at end May 13 are at a very healthy level of S$1.3b, which is expected to underpin firm revenue numbers over the next 2-3 years.