ST Engineering Q3 net profit up 9.9%

ST Engineering's booth at the Singapore Airshow in Singapore, on Feb 25, 2012.
ST Engineering's booth at the Singapore Airshow in Singapore, on Feb 25, 2012. PHOTO: BLOOMBERG

SINGAPORE - Singapore Technologies Engineering announced a 9.9 per cent rise in net profit to S$133.26 million for the third quarter ended Sept 30 from S$121.3 million for the year-ago period.

Group revenue slipped 3.4 per cent to S$1.5 billion as revenue from its land systems and marine sectors conracted 11 per cent to S$319 million and 39 per cent to S$205 million, respectively.

This was partially offset by higher revenue from its aerospace and electronics sectors, which grew 8 per cent to S$429 million and 21 per cent to S$506 million, respectively.

ST Engineering said the group continues to face challenges with its aerospace sector's maintenance, repair and overhaul business experiencing prolonged softness in activities.

It said its shipbuilding performance remains weak both locally and in the US, but that the diversity of its businesses and appreciation of the US dollar helped to cushion the effect.

Earnings per share rose to 4.29 Singapore cents from 3.89 Singapore cents in the same quarter of 2014.

No dividend for the quarter was declared.