Lian Beng 1HFY15 profit surged 105.2% to $35.5m

Thanks to a hotel development divestment.

Lian Beng’s profit after tax for the first half of FY15 surged 105.2% year-on-year to $35.5m, due mostly to the divestment of its stake in the hotel development at Middle Road.

The results of associates and joint ventures also improved from a loss of $9.6m in 1HFY14 to a profit of $21.5m.

According to OCBC, these results are within expectations and constitute 54.6% of its full-year profit forecast for FY15.

“In terms of the topline, 1HFY15 revenues also increased 26.1% YoY to S$367.6m with increased contributions from the construction segment and worker’s dormitory business, partially offset by a decrease in revenues from the group’s ready-mixed concrete segment. An interim dividend of 0.1 S-cents has been proposed,” stated OCBC.