ST Engineering posts higher revenue and profits in 2nd quarter 2019

Singapore Technologies Engineering (ST Engineering) has reported that it registered higher revenue and profits for its second quarter ended 30 June 2019 (2Q2019) compared to the same period a year ago. Quarterly revenue grew 8% y-o-y to SG$1.78 billion from SG$1.65 billion, and Profit before tax (PBT) rose 13% to SG$169.7 million from SG$150.4 million. Profit attributable to shareholders (Net Profit) was up 18% to SG$138.2 million from SG$117.5 million. Newly acquired MRAS was consolidated from April 18, as part of its Aerospace sector’s Engineering & Material Services business group.

At the business sectors, revenue for the Aerospace sector was up 17% y-o-y to SG$836 million from SG$713 million, with MRAS as the main contributor, partly offset by the absence of engine sales and Jet Airways revenue. Despite contribution from MRAS, its Net Profit was 4% lower y-o-y at SG$64.2 million from SG$66.6 milliom mainly due to the absence of prior year’s profits arising from the divestment of an associated company and opportunistic engine sales. Revenue for the Electronics sector was SG$495 million, down 3% from SG$512 millio a year ago and Net Profit was 5% lower y-o-y at SG$44.3 milion from SG$46.7 million, largely due to timing in revenue recognition for projects and higher selling and distribution expenses as a result of increased sales activities to support international expansion.

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