UE's Q3 earnings dip 2% to $12.5m

PROPERTY development conglomerate United Engineers (UE) posted net profit of $12.5 million for its third quarter ended Sept 30, down 2 per cent from $12.8 million a year ago.

Revenue more than quadrupled to $732 million from $152.4 million a year ago, as a result of the consolidation of results from tech, auto and property group WBL Corp, which UE took over earlier this year.

UE's Q3 revenue comprised $125 million of revenue from its engineering and construction segment, $52 million from its property rental and services segment, with the remainder coming from WBL. Its property segment did not record any revenue for the quarter.