United Engineers’ H1 net profit jumps over 200% to S$62.4m

United Engineers’ net profit jumped by more than 200 per cent to S$62.4 million in the first half of the year.

Its revenue also went up by 33 per cent to S$418.8 during the same period.

Revenue from property development and leasing climbed 117 per cent to S$294.7 million in the first half of the year, while the second quarter for the same sector also surged 135 per cent to S$160.5 million.

United Engineers said this was mainly due to progressive recognition of revenue from property sales at The Rochester and Park Central @ Ang Mo Kio.

In May this year, the group won an executive condominium land plot at Sengkang East Avenue and Buangkok Drive for S$176 million.

Just last month, the company said it would develop a S$550 million retail-cum-hotel building at 277 Orchard Road, which is the former Specialists’ Centre.

United Engineers added it would continue to tender for and execute large-scale building and infrastructure projects over the next year.

Source : Channel NewsAsia – 12 Aug 2010

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