United Engineers' Q1 net profit up 3%

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.

Earnings per share for the three months to March 31 was 1.2 cents, down from two cents a year earlier.

Net asset value as at March 31 was $2.79, down from $2.84 as at Dec 31.

UE's shares closed one cent down at $2.29 on Thursday.