United Engineers profit slipped 16% to $7.68m in Q3

A sharp decline in property development revenues hit quarterly earnings.

United Engineers' profit fell 16% YoY to $7.68m from $9.1m in Q3 and also reported a 31% revenue decrease from $118m to $82m, according to a financial statement.

Revenues from their Property Development segment saw its revenues plummet 92% YoY to $2.5m which is said to be driven by the impairment loss on the Shenyang Orchard Summer Place project and lower revenue from the property sales at Chengdu Orchard Villas and Shenyang Orchard Summer Palace

“The latest round of residential property cooling measures announced by the Singapore Government in July 2018 as well as the revised URA guidelines in October 2018 to increase the average unit size of private non-landed homes outside central area may affect the overall demand of residential property market,” Gn Jong Yuh Gwendolyn, secretary of United Engineers, said in a statement.

Revenues from the manufacturing, engineering & distribution segment, property rental & hospitality also fell by 18%, 17% and 3% respectively.

"In China, property cooling measures have brought about a relative slowdown in activity in certain cities, but the demand for good quality housing remains and the property market may continue to see sustainable growth in the longer term," added Gn.

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