United Engineers net profit plunged 57% to $17.5m in Q2

Blame it on divestments and the lack of sales revenue.

United Engineers reported that its net profit fell 57% to $17.5m in the second quarter, mainly due to the absence hefty one-off gains recorded in the comparable period last year.

UEL's bottom line was impacted by the absence of revenue contribution from the sale of apartments at Austville Residences, which was recorded in Q2 2014 based on the completion of construction method.

The decrease was also due to the absence of contributions from its Automotive and MFSS businesses, which was divested towards the end of 2014.

On a half-year basis, UEL's net profit from continuing operations grew 32% due to higher contribution from Multi-Fineline Electronix (MFLEX).

“Following the successful completion of its restructuring plans, MFLEX’s turnaround has led to higher profit contribution. However, the completion-of-construction method of accounting for its property development projects continues to create volatility in the Group’s performance said Norman Ip, Chairman of UEL’s Corporate Office.

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