Split looms to refine UGL's global focus UGL will split its shrinking engineering business from its growing property arm in a move that it says reflects the property division's greater global focus. The company unveiled plans for the split yesterday, saying it wanted both divisions to be listed separately on the Australian Securities Exchange by June 2015. Chief executive Richard Leupen said separating the domestic engineering business and the DTZ global property services business was the best thing for the groups future. "There's very little in common between the needs of both companies," Mr Leupen said. DTZ's business was largely US-based and, outside of that, its biggest target markets were China, Singapore, Europe and Canada, he said. He said few investors wanted to own both a property company and an engineering business at the same time, given they frequently had different economic cycles. Property was now in an up-cycle and engineering was in a down-cycle, he said. Also, both businesses would be better able to pursue consolidation opportunities as stand-alone entities, Mr Leupen said. The split was announced as UGL booked a 72.8 per cent drop in net profit for the year to June. It clocked $36.5 million, down from $134.3 million the previous year. Underlying profit - stripping out one-offs - was $92.1 million, down from $168.3 million a year earlier but in line with company forecasts. UGL has forecast an annual underlying profit of $120 million to $130 million for this financial year, subject to a continued reasonable economic outlook. The group's shares closed 1.6 per cent higher at $7.52 yesterday.