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ST Engineering Q3 profit drops 42.5%

Thursday, November 10, 2016 - 08:10

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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.

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.

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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.

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