United Engineers' Q3 net profit skyrockets 625% to $134.7m

Thanks to divestment gains from several asset sales.

Even with it property business reporting a drag on performance, United Engineer's gains on the sales of UES UES Holdings and various environmental technology assets in China boosted its overall bottomline, soaring 625% to $134.7m.

Its revenue was down 43% to $101.7m, dragged by property development segment following the completion of Eight Riversuites in January 2016.

Property development revenue sank 94% to $4.5m in 3Q16 due to lower ravenue recognition from the property sales at Eight Riversuites. Manufacturing revenue also decreased, down 5% to $20.3m.

Meanwhile, property rental and services revenue fell, declining 3% to $34.7m as engineering and distribution increased albeit only slightly, ticking up to $35.5m.

"The global economic slowdown and the weaker economic outlook in Singapore coupled with the sustained impact of the property cooling measures will continue to weigh on the sentiment of the property markets in Singapore," the group said.