Singapore Technologies Engineering reported on Friday that its net profit for its third quarter ended 30 September 2014 fell 8 per cent to $121.3 million from $131.4 million for the same period last year, as the weak economic environment in Europe hit its aviation business.
The mainboard-listed company - which provides solutions and services in the aerospace, electronics, land systems and marine sectors - said it will continue to review its aerospace sector's European business.
Group revenue was flat even though the marine sector recorded higher revenue of $336 million, which was largely offset by lower revenue recorded by the aerospace sector. Revenue for the aerospace sector fell 8 per cent to $470 million from $510 million, mainly due to lower takings from the component/engine repair & overhaul business group.
Revenues for the electronics and land eystems sectors were comparable year-on-year.
On a nine months basis, group net profit fell 5 per cent to $391.7 million from $413.3 million for the same period a year ago, on revenue of revenue of $4.69 billion, almost the same as the year-ago period.