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.
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