United Engineers net profit falls 16% in Q3

Singapore

UNITED Engineers (UE) has posted a net profit of S$7.7 million in the third quarter, down 16 per cent from the same period a year earlier.

Earnings per share was 1.2 Singapore cents, down from a restated 1.4 Singapore cents in the third quarter last year.

Revenue in the three months ended Sept 30 fell 31 per cent to S$81.5 million, owing to lower takings from property development and the absence of contributions from the divested liquefied petroleum gas business.

Property development revenue fell 92 per cent to S$2.5 million, due to the absence of revenue contributions from property sales at Eight Riversuites in 2018 and lower revenue from the property sales at Chengdu Orchard Villas and Sheny…