ST Engineering Q3 profit drops 42.5%

SINGAPORE Technologies Engineering (ST Engineering) posted a 42.5 per cent drop in third quarter net profit to S$76.7 million from S$133.3 million a year ago.

Pre-tax losses in the land systems sector and "others" were partially offset by higher pre-tax profit from the electronics and marine sectors while the aerospace division put out a comparable showing.

Revenue rose 7.5 per cent to S$1.6 billion from S$1.5 billion led by higher revenue in the aerospace and electronics sectors while the other land systems and marine sectors and others generated comparable revenue.

The land systems sector reported a net loss before tax of S$41.4 million, owing to a S$61.1 million one-off impairment on the carrying values and provision for closure costs for its investment in China, JHK.

Earnings per share stood at 2.47 Singapore cents for the three months to September versus 4.29 Singapore cents a year ago.

No dividend was recommended for the quarter.

For the nine-month period, ST Engineering's net profit slipped 19 per cent to S$314 million on the back of a 7 per cent growth in revenue to S$4.9 billion.