ST Engineering's Q1 earnings dip 5.3%

Singapore

ST ENGINEERING reported a 5.3 per cent year-on-year slide in net profit to S$129.97 million for the first quarter ended March 31, 2015, impacted by headwinds in its US shipbuilding operations.

Revenue for the quarter dipped 2.6 per cent to S$1.51 billion due to lower contributions from its aerospace, electronics and marine businesses. On the other hand, revenue from its land systems business was up six per cent at S$346 million.