Lum Chang Holdings saw 1Q earnings more than tripled to $8.7 million from a year ago.
For 1Q ended September, the group reported a 99% increase in revenue to $90.5 million.
This was due mainly to the commencement of revenue recognition for two construction projects, which reported revenues amounting to $35.9 million.
No revenue was recognised for these projects in the corresponding period last year as construction progress had not reached the stage where revenue recognition could start.
In addition, higher revenue of $12.5 million was recognised from one of the group’s Malaysian developments upon completion of the construction of a certain development phase.
Looking ahead, Lum Chang says the MRT construction project at Bukit Panjang is substantially completed and revenue recognition is expected to start for the new construction project at Woodlands in the second half of the current financial year.
In Malaysia, the group continues to market its landed residential developments in Twin Palms Sungai Long and Twin Palms Kemensah.
Construction for the final phase of Twin Palms Kemensah is scheduled to be completed in the current financial year.
Shares in Lum Chang closed 2.6% lower at 37.5 cents.
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For 1Q ended September, the group reported a 99% increase in revenue to $90.5 million.
This was due mainly to the commencement of revenue recognition for two construction projects, which reported revenues amounting to $35.9 million.
No revenue was recognised for these projects in the corresponding period last year as construction progress had not reached the stage where revenue recognition could start.
In addition, higher revenue of $12.5 million was recognised from one of the group’s Malaysian developments upon completion of the construction of a certain development phase.
Looking ahead, Lum Chang says the MRT construction project at Bukit Panjang is substantially completed and revenue recognition is expected to start for the new construction project at Woodlands in the second half of the current financial year.
In Malaysia, the group continues to market its landed residential developments in Twin Palms Sungai Long and Twin Palms Kemensah.
Construction for the final phase of Twin Palms Kemensah is scheduled to be completed in the current financial year.
Shares in Lum Chang closed 2.6% lower at 37.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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