Project revenue recognition quadruples UE's revenue in Q2

PROPERTY, engineering and construction group United Engineers (UE) has reported a quadrupling of its quarterly revenue, thanks in large part to it being able to recognise revenue from several properties.

UE said yesterday that its revenue for the quarter ended June 30, 2014 jumped to S$1.22 billion from S$303.39 million the year before.

This was due to the group being able to fully recognise revenue from its development Austville Residences, which obtained its Temporary Occupation Permit (TOP) during the quarter, in accordance with the completion-of-construction accounting method. The jump in revenue was also thanks to progressive revenue recognition from the sales of another development, Eight Riversuites.