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United Engineers full-year net profit falls 36% on weaker revenue

UNITED Engineers, which has businesses in property development and engineering services, on Monday posted a 36 per cent fall in full-year net profit on weaker revenue.

Net profit for the 12 months ended Dec 31, 2018 stood at S$55.76 million, compared with a restated net profit of S$87.18 million posted the same period a year ago.

The results translate to earnings per share of 8.7 Singapore cents, against earnings per share of 13.7 Singapore cents.

Revenue fell 29 per cent to S$374.9 million, due to lower revenue from property development and the absence of contribution from the divested liquefied petroleum gas business.

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The firm has proposed a dividend per ordinary share of three Singapore cents, which is lower than the dividend per ordinary share of four Singapore cents that it declared a year ago.

It has also proposed a dividend per preference share of 7.5 Singapore cents, unchanged from a year ago.

Shares of United Engineers closed on Monday at S$2.44, up three Singapore cents.