Lum Chang posts 37% fall in FY17 earnings to $18.7 mil; exercises option to purchase One Tree Hill Gardens

SINGAPORE (Aug 22): Lum Chang, the property developer and construction company, announced FY17 earnings dropped 37% to $18.7 million from $29.5 million in FY16.

This came on the back of a 13% decrease in revenue to $369.0 million from $426.1 million, mainly due to lower revenues of $53.9 million recognised from two of the group’s Malaysian developments and lower revenues from completed construction projects amounting to $173.6 million.