The decline was partly offset by an increase in revenue recognised from Mactaggart Foodlink and INSPACE.
SLB Development, the development spin-off from Lian Beng Group, has posted earnings of $10.8 million for FY20 ended May 31, swinging out from losses of $5.0 million a year ago.
Revenue for FY20 came in at $46.2 million, a 3.1% decrease from the $47.6 million a year ago, mainly due to the absence of revenue recognised from T-Space @ Tampines. The project was mostly completed in June 2018 with revenue on sold units fully recognised in FY2019.
