Higher revenue and gross margin boost United Engineers' Q3 bottom line

Singapore

UNITED Engineers reported a 7 per cent increase in third-quarter revenue, thanks to progressive revenue recognition of the sale of its Eight Riversuites condominium development.

Its topline rose to S$786.3 million for the three months ended Sept 30, 2014, from S$732 million the year before.

The higher revenue, coupled with higher gross profit margin, helped raise net profit attributable to shareholders by 47 per cent to S$18.5 million…