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ST Engineering's Q1 earnings down 15%, affected by land systems and marine segments

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Singapore Technologies Engineering (ST Engineering) on Friday posted a 15.2 per cent drop in net profit to S$110.2 million for the first quarter ended March 31, 2015.

SINGAPORE Technologies Engineering (ST Engineering) on Friday posted a 15.2 per cent drop in net profit to S$110.2 million for the first quarter ended March 31, 2015.

Revenue rose 7.7 per cent to S$1.63 billion, from higher contributions from the aerospace and electronics sectors.

But earnings from its land systems sector fell as a result of lower revenue and unfavourable product mix, and earnings from its marine sector also fell due to poor performance of shipbuilding from local and US operations. These factors affected its bottom line.

Earnings per share fell to 3.53 Singapore cents, from 4.17 Singapore cents a year ago.