In the Property Development segment, FY18 revenue came mainly from the sales of other completed commercial units at Shenyang Orchard Summer Palace. Revenue declined by 81% to $25.8 million in the absence of contribution from Chengdu Orchard Villa Phase 4 and Eight Riversuites in FY18 as well as lower sales of units at Shenyang Orchard Summer Palace.
SINGAPORE (Feb 26): United Engineers, the property, engineering and manufacturing group, reported a 36% fall in FY18 earnings to $55.8 million, 8.7 cents per share, from restated FY17 earnings of $87.18 million.
Revenue fell 29% to $374.9 million, due to lower revenue from property development and the absence of contribution from the divested liquefied petroleum gas business.
