16-09-2019, 11:06 AM
UNITED ENGINEERS 2Q PROFIT FALLS 33%, EXPECT DECLINING DIVIDEND MINORITY MAY RAISE MORE QUESTIONS
The financial performance of United Engineers (UE) painted a less-than-rosy picture of the property sector. In the second quarter, revenue dipped 8 percent from $96.2 million to $88.1 million. This can be attributed not only to a weak performance from the property segment but also reflects poorly on the engineering and manufacturing segments as well.
Owing to the above, 2Q net profit attributable to shareholders fell 33% to $7.7 million from $11.4 million a year ago.
Looking at the breakdown revealed that the property development segment suffered a 32 percent fall in revenue &ndash the largest single contributor to the lacklustre performance &ndash while manufacturing, a victim of the trade war, dipped 20 percent. The engineering segment saw a 12 percent decline in revenue.
http://aspire.sharesinv.com/61825/united-engineers-2q-profit-falls-33-expect-declining-dividend-minority-may-raise-more-questions/
The financial performance of United Engineers (UE) painted a less-than-rosy picture of the property sector. In the second quarter, revenue dipped 8 percent from $96.2 million to $88.1 million. This can be attributed not only to a weak performance from the property segment but also reflects poorly on the engineering and manufacturing segments as well.
Owing to the above, 2Q net profit attributable to shareholders fell 33% to $7.7 million from $11.4 million a year ago.
Looking at the breakdown revealed that the property development segment suffered a 32 percent fall in revenue &ndash the largest single contributor to the lacklustre performance &ndash while manufacturing, a victim of the trade war, dipped 20 percent. The engineering segment saw a 12 percent decline in revenue.
http://aspire.sharesinv.com/61825/united-engineers-2q-profit-falls-33-expect-declining-dividend-minority-may-raise-more-questions/