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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: HRnetGroup, GS Holdings, CDW Holding, United Food HoldingsTHE following companies saw new developments that may affect trading of their shares on Tuesday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Best World Q2 earnings treble to S$26.8m on revenue surge, higher marginsBEST World, whose business dealings are being investigated by the Singapore Exchange (SGX), on Tuesday reported second-quarter net profit nearly trebling to S$26.8 million from S$9.1 million a year ago on a surge in revenue and higher gross margins. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »