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United Engineers’ 1Q earnings plunge to $7 mil on lower revenue

Jude Chan Published on Wed, May 11, 2016 / 7:22 PM GMT+8

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SINGAPORE (May 11): Property, engineering, and construction group United Engineers (UE) saw 1Q16 earnings fall 72% to $6.9 million, down from $25.0 million in 1Q15.

Revenue fell 35% to $333.6 million in 1Q from $515.3 million in the corresponding period last year, mainly due to lower revenue recognition from its Eight Riversuites property and Multi-Fineline Electronix Inc (MFlex).