UE E&C

UE E&C: 1Q14 net profit plunged 65% y/y to $1.7m, on absence of fair value gain on held-for trading investments, higher depreciation, repair and maintenance expenses (+36%), as well as increased staff costs (+19%). Revenue slid 19% to $71m due to the completion of major construction projects in 2013, partially offset by revenue from new and on-going construction and M&E engineering projects. Group remains optimistic on the construction and engineering industry, but cited continued cost pressures from rising labour on the current tight market.