Lian Beng profit rose 22.9% to $38.4m

Its completed project Mandai Foodlink gave the needed boost.

Lian Beng Group (Lian Beng) breaks its records after it reported a 22.9% jump in profit to $38.4m for Q2.

According to Lian Beng's financial statement, the boost came thanks to the completed development project, Mandai Foodlink. However, the performance in Q2 was not enough to cover the 42.0% drop in profits to $62.8m for the company's fiscal year.

Lian Beng's revenue also rocketed 60.3% to $125.4m for Q2. However, it did not save the 36.8% full year decline to $281.7m in due to the decrease in revenue from construction and ready-mixed concrete segments.

Meanwhile, property development revenue rose from $0.2m to $87.8, thanks to the development of Mandai Foodlink, whilst other segments also improved due to the company's property and investment portfolio.

Currently, Lian Beng's share for Q2 is 6.4 cents, while net asset value (NAV) is at 117.72 cents.