Singapore-listed United Engineers Limited said that its third quarter net profit jumped to S$12.7 million, from S$1.9 million in 2008.
The firm’s revenue increased 18 per cent on-year to S$169.5 million.
United Engineers said the improved revenue was mainly due to the progressive recognition of revenue from its property sales. These include sales at The Rochester in one-north and Park Central @ AMK in Ang Mo Kio.
Other expenses also decreased, mainly due to provisions for the Fusionopolis project made over the same period in 2008.
The firm said it has S$700 million worth of contracts in its order books, and it will continue to execute several large-scale projects over the next 12 months.
Source : Channel NewsAsia – 11 Nov 2009