United Engineers’ Q3 profit soars to S$12.7m, from S$1.9m in 2008

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

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