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.
