Home Capital Results

United Engineers’ 3Q earnings up 10% to $11.6 million from continuing operations

Benjamin Cher
Benjamin Cher11/11/2016 06:14 PM GMT+08  • 2 min read
United Engineers’ 3Q earnings up 10% to $11.6 million from continuing operations
SINGAPORE (Nov 11): United Engineers reported a 10% on-year rise in 3Q16 earnings to $11.6 million from continuing operations after the disposal of Multi-Fineline Electronix and its subsidiaries, driven by the surge in other income.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Nov 11): United Engineers reported a 10% on-year rise in 3Q16 earnings to $11.6 million from continuing operations after the disposal of Multi-Fineline Electronix and its subsidiaries, driven by the surge in other income.

Revenue for the quarter dropped 43% on-year to $101.7 million, driven by lower revenue from property development after the completion of Eight Riversuites in Jan, driving 3Q16 gross profit down 12% to $45 million as a result.

The 89% surge in other income to $11 million was driven mainly by $5 million of fidelity insurance compensation in relation to irregularities uncovered in other subsidiaries and $5 million reduction in the provision for development charge for the divestment of the automotive business being no longer required.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now