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UNITED Engineers (UE) yesterday announced a 51 per cent increase in second-quarter net attributable profit to $11.2 million, from $7.4 million a year ago.
The group's turnover grew 19 per cent to $167.2 million over the three months ended June 30, largely due to the progressive recognition of revenue from sales of apartment units at The Rochester at one-north, and Park Central AMK, at Ang Mo Kio.
The group's earnings per ordinary stock unit on a fully diluted basis, thus rose to four cents in Q2, from 3.3 cents in Q2 of 2008. Net asset per ordinary stock unit rose from $3.46 on Dec 31, to $3.51 on June 30.
UE's engineering and construction division reported a marginal one per cent year-on-year rise in Q2 revenue, to $107.9 million.
The division also posted an operating profit of $5.2 million mainly due to fair value gains on short-term investments.
Its integrated facility management division, which also handles property development, grew revenue by 63 per cent to $68.9 million in Q2, while its profit before interest and tax rose 75 per cent to $19.2 million in the quarter.
Over the half year ended June 30, UE grew revenue by 15 per cent to $316.1 million, while net attributable profit more than doubled to $19.7 million, from $8.7 million in the first six months of 2008.
As at June 30, UE had net cash and cash equivalents of $337.8 million. The group said that of the $128 million in net proceeds from its rights issue in March, $35.5 million has been used for its property development projects, general working capital, and repayment of loans.
With an order book of $736 million, UE expects to 'continue to execute several large-scale building and infrastructure projects over the next year'.
However, the group added that it would 'face stiffer competition in replenishing its order books due to the challenging environment brought about by the economic slowdown in Singapore and the countries it operates in'.
UE's share price closed one cent up at $1.74 yesterday.
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