UE Q1 net profit up 3% to S$9m

Singapore

UNITED Engineers (UE) has posted a net profit of S$9 million for the first quarter, up 3 per cent from a restated net profit of S$8.72 million in the same period last year as operating losses from its property development division narrowed while operating profit from its engineering and distribution business tripled.

Revenue in the three months ended March 31 was S$105.25 million, down 1 per cent from a restated S$106.11 million in the same period last year after retrospective adjustments arising from the new SFRS financial reporting framework.