UE E&C reports 20% drop in Q3 profit to $9.5 million

SINGAPORE - UE E&C's net profit fell by a fifth to $9.5 million in the third quarter on the back of a 26 per cent drop in revenue to $83.8 million.

This was despite an increase in revenue from new and ongoing construction and M&E engineering projects, mainly due to substantially lower contribution from certain major completed projects.

Shares of results of associates and joint ventures was in the red to the tune of $876,000 against profit of $96,000, mainly due to share of losses from associates.

Earnings per share for the three months to Sept 30 slumped to 3.5 cents from 4.4 cents previously while net asset value per share climbed to 96 cents compared to 90 cents as at Dec 31.

UE E&C said going forward, it will continue to adopt a cautious approach towards property development activities as the demand for private residences continues to be dampened by property cooling measures.