ST Engineering's net profit rises marginally to $580.8 million

Singapore Technologies (ST) Engineering's net profit rose 0.8 per cent to $580.8 million for the 12 months to Dec 31.

Turnover grew 4 per cent to $6.6 billion over the same period, largely boosted by its marine sector, said the company on Thursday.

Revenue from its marine sector jumped 23 per cent to $1.24 billion, mainly due to higher shipbuilding activities from location operations.

The marine sector is one of four main business segments of ST Engineering, which also include aerospace, electronics and land systems.

ST Engineering noted that revenue for the aerospace business grew by 3 per cent while the electronics sector enjoyed a 5 per cent gain. The land systems sector, however, saw a 2 per cent dip in revenue to $1.48 billion.

President and chief executive, Tan Pheng Hock, said: "The performance reflects the group's resilience and its ability to ride out market volatilities.

"The group succeeded in securing more contracts and ended the year with a record high order book of $13.2 billion."

Of this, some $4.3 billion worth of projects is expected to be delivered this year, said the company in a statement.

Earnings per share stood at 18.73 cents, down from 18.76 cents a year ago, while net asset value per share was 68.14 cents as of Dec 31, up from 61.51 cents.

ST Engineering proposed a final cash dividend of four cents a share, and a special cash dividend of eight cents a share.

This brings the total dividend payout for 2013 to 15 cents a share.

ST Engineering shares closed flat at $3.82 on Thursday, before its full-year results were released.

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