ST Engineering Q3 profit up 68% on absence of one-time charge

ST Engineering president and CEO Vincent Chong said that the firm's order book continues to be strong, and it maintains its outlook of comparable revenue and profit before tax for the year.
ST Engineering president and CEO Vincent Chong said that the firm's order book continues to be strong, and it maintains its outlook of comparable revenue and profit before tax for the year.PHOTO: ST ENGINEERING

SINGAPORE - The absence of a one-time charge for its speciality vehicle business in China gave a fillip to results for Singapore Technologies (ST) Engineering for its third quarter.

Net profit leapt 67.5 per cent to S$128.4 million from the previous year, the group said in a Singapore Exchange filing on Wednesday morning (Nov 8).

For the three months ended Sept 30, revenue was little changed at S$1.62 billion, from S$1.61 billion the previous year. Higher revenue in the aerospace and electronics segments had been offset by lower contribution from the marine and land systems segments, said ST Engineering.

The bottom line had been boosted by lower distribution and selling expenses as well as other operating expenses, due to the absence of a one-time charge. ST Engineering had made an impairment of S$61.1 million for the same quarter last year for its speciality vehicle business in China.

Earnings per share rose to 4.12 Singapore cents from 2.47 cents in the previous year.

ST Engineering president and CEO Vincent Chong said that the firm's order book continues to be strong, and it maintains its outlook of comparable revenue and profit before tax for the year.