United Engineers Suffers 67% Drop In H1 Profit

Source : Channel NewsAsia, 30 July 2008

United Engineers has suffered a 67 per cent drop in first-half earnings, hurt by the strong Singapore dollar and fair value losses.

Profit for the six months ended in June came in at S$8.7 million.

But revenue increased slightly by 2 per cent to S$273.8 million, mainly bolstered by higher rental rates.

Looking ahead, United Engineers is warning about the impact of rising costs. - CNA/ms