United Engineers’ Q2 profit increases by 39% to S$33 million

United Engineers Ltd (UE) announced an year-on-year increase of 39 per cent in its second quarter net profit to S$33.4 million.

This is up from S$24.1 million recorded for the quarter a year ago.

Its revenue, however, registered a decrease of 13 per cent from S$184.9 million to S$160 million.

UE said this is mainly due to lower profit recognition of revenue from property sales at Park Central @ AMK and the Rochester.

Commenting on the results, the company said that its performance “may be affected” by the current global economic uncertainties arising from the sovereign debt issues in the developed economies.

It added that it will adopt a cautious approach towards executing and bidding for building, engineering and infrastructure projects over the next 12 months.

Going forward, UE said that it has successfully obtained temporary occupation permit for its key development projects – Park Central @ AMK and a mixed development at one-north.

It will also work on launching a waterfront condominium project at Bendemeer Road/ Whampoa East.

Earnings per share increased to 12.1 cents in the quarter, up from 9.3 cents a year ago.

Source : Channel NewsAsia – 12 Aug 2011

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