WBL Q4 profit hit by car cooling moves

CAR cooling measures in Singapore finally bit for United Engineers' (UE) subsidiary WBL Corporation, whose net profit for its fourth quarter ended Sept 30 halved to $8.6 million, from $17 million a year ago. Revenue was down 9 per cent at $587.8 million, due to lower car sales in Singapore and Malaysia as well as lower recognition of China property sales. No dividend was declared.

"The recent announcement of the refinement of the categorisation to the COE system, the introduction of the tiered system of Additional Registration Fee and the revisions to the quantum and tenure of car loa…