United Engineers has posted a 33 percent increase in revenue in the first half of the year, largely attributed to property sales during the period. The group’s net profit increased more than 200 percent to $62.4 million.
The company’s revenue from leasing and property development soared 135 percent to $160.5 million in Q2 and 117 percent to $294.7 million in H1, mainly attributed to the high recognition of revenue from property sales at the Park Central @ AMK and The Rochester. However, revenue from the Engineering and Construction segment slumped 14 percent to $93.3 million in Q2 and 6 percent to $183.0 million in H1 due to rigorous job selection.
Operating profit from property development and leasing increased 102 percent to $42.2 million in Q2 and 122 percent to $76.1 million in H1; while operating profit from Engineering and Construction fell $2.9 million from $7.2 million in Q2 last year; and $8.2 million from $5.2 million in H1 last year.
Moving forward, the group said it will continue to tender for and execute large-scale infrastructure and building projects over the next fiscal year.