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United Engineers posts 165% jump in Q2 profit to $40.8 million

Published on Aug 14, 2014 9:49 PM

SINGAPORE - Higher revenue recognition from its property developments and contributions from automative unit WBL Group lifted United Engineers' (UE) quarterly earnings.

But there are dark clouds ahead in the Singapore and China property markets, prompting the firm to say it will be more cautious in the segment.

Net profit jumped 165 per cent for the second quarter ended on June 30 to $40.8 million, as revenue soared more than four times to a whopping $1.22 billion.

Full revenue recognition from the property sales at Austville Residences, as well as progressive revenue recognition of Eight Riversuites boosted revenue of the property development business.

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