United Engineers says revenue increased by $79.1 million (13%) to $703.7 million in FY2009 from $624.6 million in FY2008 mainly due to the progressive recognition of revenue from residential development projects, The Rochester in one-north and Park Central @ AMK in Ang Mo Kio, as well as an engineering project for the Marina Bay Sands Integrated Resort.

As a result, gross profit rose $17.4 million (12%) to $162 million in 2009. Gross profit percentage was 23.0% compared with 23.2% for 2008.

Other income increased $6 million (133%) from $4.6 million in 2008 to $10.6 million mainly due to fair value gains from the group’s short-term investments.

In 2009, the group recognised a surplus of $745,000 on the revaluation of investment properties, compared with a deficit of $570,000 in 2008. Other expenses decreased $32.7 million (65%) from $50.4 million in 2008 to $17.7 million. Finance costs decreased from $11.5 million in 2008 to $10.1 million due to lower interest rates in 2009.

Income tax expense increased $9.7 million (132%) from $7.3 million in 2008 to $17.0 million in line with higher operating profit as well as expenses not deductible for tax purposes.

The share of loss from equity-accounted associates and joint ventures was $1.2 million compared with the share of profit of $2.8 million in 2008.

Therefore, attributable profit increased to $52.2 million compared with $6 million in 2008.

Earnings per ordinary stock unit was 22.1 cents compared with 2.7 cents in 2008.

Net asset per ordinary stock unit stood at $3.43 as at 31 December 2009 compared with $3.46 as at 31 December 2008.

As at 31 December 2009, United Engineers says it had cash and cash equivalents of $318 million.