August 17, 2017
ST Engineering reports lower profits in second quarter 2017
Singapore Technologies Engineering (ST Engineering) has announced that Group revenue for its second quarter ended 30 June 2017 (2Q2017) came in 8% higher at S$1.76bn compared to S$1.62bn in the same period last year. Group quarterly Profit before tax (PBT) fell 12% year-on-year to S$149.8m from S$170.3m, mainly due to an S$8.1m loss from the Marine sector impacted by weak industry conditions and its US operations. Profit attributable to shareholders (Net profit) at S$111.5m was 12% lower compared to S$127.3m the year before. At the business sector level compared to the same period last year, revenue for the Aerospace sector was comparable at S$639m, and its PBT grew 6% to S$78.9m from S$74.2m. Commercial sales and defence sales accounted for 64% or S$1.1bn and 36% or S$0.7bn respectively of the Group’s 2Q2017 revenue. Order book remained strong at S$13.5bn, compared to S$13.3bn as at end March 2017.