UE net profit falls 76% to S$11m in Q2

Singapore

UNITED Engineers (UE) on Monday posted a second-quarter net profit of S$11 million, down 76 per cent from S$45.4 million last year as revenue fell 23 per cent to S$96.2 million.

This was mainly attributable to lower revenue from property development, and the absence of contribution from its liquefied petroleum gas (LPG) business which was divested towards the end of 2017, the company said.