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