United Engineers Ltd (UEL) posted a 39 percent increase in its net profit for Q2 to S$33.4 million, an improvement from S$24.1 million in the same period last year.
The company’s revenue, however, fell 13 percent to S$160 million from S$184.9 million. This was attributed to the reduced revenue contribution from property sales at The Rochester and Park Central @ AMK.
Performance results “may be affected” by the current uncertainties in global economic conditions arising from sovereign debt factors in developed economies, it said.
Furthermore, it will adopt a more cautious stance towards the bidding and execution of infrastructure, building and engineering projects over the next year.
UEL also announced that it recently obtained Temporary Occupation Permit (TOP) for some major projects, including a mixed development at One-North and Park Central @ AMK.
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