Aerospace and land systems divisions drag ST Engineering's Q3 earnings

Aerospace and land systems divisions drag ST Engineering's Q3 earnings
Mr Tan Pheng Hock, chief executive officer (CEO) of ST Engineering.

SINGAPORE - Earnings at ST Engineering fell in the third quarter, dragged down mainly by its aerospace and land systems businesses.


Get the full story from The Straits Times.

Here is the full statement from ST Engineering:

Singapore Technologies Engineering Ltd (ST Engineering) today reported steady performance for its third quarter (3Q) financials ended 30 September 2013, achieved in a period when global corporate sentiment and business confidence were weighed heavily by the expectation of a QE3 scale-back.

3Q2013 versus 3Q2012

3Q2013 Group revenue was $1.55b compared to the prior year revenue of $1.54b for the same period. Group profit before tax (PBT) declined 8 per cent year-on-year to $170.3m and net profit after tax (Net profit) dropped 10 per cent to $131.4m, compared to the same period last year. This quarter saw an impairment charge in the Marine sector of $23.7m for ROPAX* and this was partially offset by write-back of warranty provisions of $14.4m that were no longer required.

The Aerospace sector posted comparable revenue of $510m, and lower PBT of $80.2m, down 6 per cent compared to the prior year same period. The Electronics sector registered comparable revenue of $350m, and higher PBT of $43m, up 7 per cent year-on-year. Revenue and PBT for the Land Systems sector dropped 11 per cent to $348m and 9 per cent to $18.1m respectively, compared to the same period last year. Revenue for the Marine sector surged 25 per cent to $296m and PBT rose 12 per cent to $34.1m year-on-year.

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