UE posts 25% fall in 2Q earnings to $8 mil

SINGAPORE (Aug 12): Property group United Engineers has reported earnings of $8 million for its continuing operations in 2Q16, a 25% decrease from earnings of $10.7 million in 2Q15.

Including its discontinued operations, the group would have reported an 84% decline in earnings to $2.9 million.

Revenue during the quarter to June fell 46% to $142.2 million, on the back of lower revenue from its property development segment after the completion of Eight Riversuites. Gross profits fell 11% to $45.3 million.

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