United Engineers (UE) has recorded a six percent year-on-year increase in net profit to S$29.89 million in the first quarter, while its gross revenue climbed 17 percent to S$229.63 million.
This was mainly attributed to the divestment of UE Print Media Hub, a five-storey industrial building at Tai Seng Avenue. However, this was offset by lower progressive revenue recognition from the Park Central @ AMK project, as the development is nearing completion.
Revenue from its property development segment surged 21 percent to S$118.7 million, while revenue from property rental and services segment edged up four percent to S$36.9 million, attributed to new rental contributions from its UE BizHub Central.
The group’s engineering and construction business also achieved an 18 percent increase in revenue to S$105.8 million but other income dropped 80 percent to S$705,000.
It noted that the Building and Construction Authority (BCA) has projected total construction demand of between S$22 billion and S$28 billion in 2011. Thus, the company is committed to bid for more building, engineering and infrastructure projects over the year.
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