ST Engineering's Q1 net profit inches up on flat revenue

SINGAPORE - Singapore Technologies Engineering (ST Engg) posted a 2 per cent rise in its net profit for the first quarter of the year over a year ago to $137.2 million.

Revenue was flat in the quarter, at $1.55 billion, the group said before markets opened on Friday.

The Singapore-listed engineering group's marine division performed the best in the first three months of the year, with revenue coming in 27 per cent higher than a year ago at $323 million, mainly due to higher shipbuilding activities.

Revenue for its aerospace division was comparable to last year at $501 million, while revenue for its electronics and land systems divisions fell by 13 per cent and 6 per cent to $369 million and $325 million respectively.

ST Engg ended the quarter with a record-high order book of $13.4 billion, of which $3.3 billion of orders are expected to be delivered by the end of the year, it said. The group announced more than $1 billion in new contracts during the first quarter.

Earnings per share edged up to 4.41 cents for the quarter, from 4.34 cents a year ago.

Net asset value per share rose to 72.01 cents as at March 31, up from 68.14 cents as at Dec 31 last year.

ST Engg shares dipped four cents to $3.82 during the first hour of trading on Friday.