Property and construction group United Engineers Limited has posted a 35 percent increase in revenue to $655.8 million in the nine months ended September 30, attributed to progressive recognition of revenue from property sales, while net profit jumped 199 percent to $96.9 million.
Revenue from Integrated Facility Management, including property development, rose 113 percent to 175.0 million in Q3 and 116 percent to $469.7 million in the nine months. This was attributed to progressive recognition of revenue from the group’s property sales. Operating profit also surged 110 percent to $44.1 million in Q3 and 117 percent to $120.2 million in the nine months.
Revenue from Engineering and Construction, on the other hand, only edged up 1 percent to $101.6 million in Q3 and declined 4 percent to $284.6 million in the nine months, mainly due to stringent job selection. Operating profit was also down 36 percent to $0.7 million in Q3 but dropped 41 percent to $8.9 million in the nine months.
The group’s cash position hit $266 million as of September 30. It signed engineering contracts worth $80 million for a mixed development project at Orchard Road, and won $30 million worth of contracts for the design, supply, installation, testing and commissioning of light support systems in Marine Life Park, Resorts World Sentosa.