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UE net profit down 25% in Q2 on higher finance costs
Property rental & hospitality is the only one out of four business segments to see revenue growth
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Published Wed, Aug 14, 2019 · 09:50 PM
Singapore
UNITED Engineers (UE) said its net profit shrank 25 per cent to S$8.3 million for the second quarter ended June 30, down from S$11.01 million in the year-ago period.
This was mainly due to higher finance costs, as well as the absence of a write-back of excess provision of S$1 million related to a completed overseas development, the property development and engineering group announced on Wednesday.
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