SINGAPORE - United Engineers said its earnings more than doubled in the first quarter ended March 31. This was due to positive contributions from its subsidiary and reduced expenses, which offset the fall in contributions from the group's divestments.

Net profit for the quarter swelled to $25 million, a 215 per cent hike compared to the $7.9 million it registered in the same period last year.

Revenue fell 24 per cent to $515.3 milion, down from $678.9 million previously.

The decline was mainly due to the absence of contribution from the divested Automotive and MFS Technology businesses. It was partly cushioned by a higher progressive revenue recognition from property sales at Eight Riversuites along Whampoa East, and higher contributions from subsidiary Multi-Fineline Electronix.

The group still managed to report higher profits, partly due to a 91 per cent cut in income tax expenses and significant cuts in business costs.

Earnings per share hit 3.9 cents in the first quarter, up from 1.2 cents in the corresponding quarter last year. Net asset value per share for the group stood at $3, compared with the $2.93 it attained previously.