Divestment gain boosts UEL full-year bottom line

Singapore

UNITED Engineers Limited's (UEL) net profit for the full year ended December jumped 64 per cent to $118.1 million from $72.2 million a year ago, helped mainly by a divestment gain.

Revenue surged to $2.01 billion from $595.7 million due mainly to the consolidation of WBL Corp Ltd's revenue of about $1.37 billion, as well as increased rental from the group's income-producing properties, revenue recognised from Eight Riversuites, and higher contribution from UE E&C Ltd.