United Engineers 2014 net profit down 49% to S$46m

UNITED Engineers (UE) reported a net profit from continuing operations of S$46 million for its full year ended Dec 31, 2014, down 49 per cent from S$89.5 million a year ago.

Revenue rose 93 per cent to S$3.2 billion from S$1.7 billion.

The numbers included 12 months of results from car, electronics and property group WBL Group in 2014 versus seven months in 2013. UE acquired WBL in June 2013 but has since sold of parts of it like its flagship luxury car distribution business Wearnes, as well as subsidiary MFS Technology.

The 2014 numbers, however, still reflect revenue from both Wearnes and MFS.

UE's 2014 revenue gains also include recognition of property sales at Austville Residences and Eight Riversuites.

The company declared ordinary dividends of 10 cents for 2014 , compared to seven cents in 2013.

UE traded unchanged at S$2.83 before the results were out.