Lian Beng warns of lower profits for FY23

The company’s subsidiary is expected to report a loss in 2H23.

Lian Beng Group will likely record lower profits for FY23 due to the expected loss from its property development subsidiary, SLB Development.

SLB, in its profit guidance, attributed its expected loss to “higher finance costs and lower revenue recognised from the Group’s property development projects of which revenue were largely recognized prior to FY2023 as the projects progressed.”

Meanwhile, Lian Beng announced that it will also not release its financial results announcement for FY2023, pursuant to the waiver granted by the Singapore Exchange Securities Trading Limited on 18 July.

“Shareholders may refer to the aforesaid announcement for more information regarding the waiver obtained by the company,” Lian Beng said.