Tuesday, May 26, 2015Tuesday, May 26, 2015

United Engineers' Q1 net profit up 3%

Published on May 15, 2014 10:43 PM

Contributions from its increased holding in WBL Group helped property developer and conglomerate United Engineers (UE) report healthier first quarter results.

Its net profit for the first quarter rose 3 per cent to $7.7 million from a year earlier while revenue soared 442 per cent to $739.9 million in the same period.

The consolidation of WBL Group's revenue injected about $504.2 million to its turnover, the firm said on Thursday.

Property sales at its Eight Riversuites condo also helped the firm record revenue of $97.5 million, while rental income from its UE BizHub East, Park Avenue Changi, UE BizHUB Tower and UE BizHub WEST helped add $56.1 million to its topline figures.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!