SINGAPORE (Nov 14): United Engineers reported 16% lower 3Q18 earnings of $7.7 million, down from $9.1 million a year ago on lower revenue.

Revenue fell 31% y-o-y to $81.5 million from $118.2 million in 3Q17, mainly due to lower revenue from the property development segment as well as in the absence of revenue contribution from the group’s liquefied petroleum gas (LPG) business after it was divested towards the end of 2017.

While distribution costs fell 32% to $5.3 million due to the absence of expenses from the divested LPG business, group finance costs grew 40% to $5.8 million over the quarter due to higher interest rates and the lower capitalisation of borrowing costs in China.

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