United Engineers says it increased revenue by 33% to $418.8 million for half year ended 30 June 2010 (1H2010) mainly due to progressive recognition of revenue from property sales. In 1H2010, the group’s net profit increased more than 200% to $62.4 million.

Revenue from property development and leasing increased 135% to $160.5 million in 2Q2010 and 117% to $294.7 million in 1H2010. This was mainly due to progressive recognition of revenue from property sales at The Rochester and Park Central @ AMK. Operating profit increased 102% to $42.2 million in 2Q2010 and 122% to $76.1 million in 1H2010.

Revenue from Engineering & Construction fell 14% to $93.3 million in 2Q2010 and 6% to $183.0 million in 1H2010 due to stringent job selection. Operating profit was $2.9 million compared with $7.2 million in 2Q2009, and $8.2 million compared with $5.2 million in 1H2009.

As at 30 June 2010, the group’s cash position was $289 million and gearing ratio was 0.57x.
In May, the group won an executive condominium land plot at Sengkang East Avenue/Buangkok Drive for $176 million. In July, the group also announced that it will be developing a $550 million retail-cum-hotel building at 277 Orchard Road (the former Specialists’ Centre/Hotel Phoenix site) and project managing a retail-cum-office development diagonally across at 218 Orchard Road (the former Orchard Emerald site).

The group says it will continue to tender for and execute large-scale building and infrastructure projects over the next 12 months.