United Engineers Q2 net profit falls 25% on higher finance costs

UNITED Engineers saw net profit shrink 25 per cent to S$8.3 million for the second quarter ended June 30, down from S$11.01 million in the year-ago period, the property development and engineering group announced on Wednesday.

Revenue fell 8 per cent year-on-year to S$88.14 million. Of UE's three business segments, property rental and hospitality was the only one to see revenue rise year-on-year in the second quarter, up 5 per cent to S$32.9 million. "The group expects the weaker economic outlook in Singapore and the sustained impact of the July 2018 property cooling measures to continue to weigh on the overall sentiment of the private residential property market in Singapore," said UE.

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