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ST Eng aerospace, electronics sectors secure S$2.1b in new contracts in Q1

ST Engineering said on Monday its aerospace and electronics sectors secured new contracts worth about S$2.1 billion in total in the first quarter of 2019. 

Some S$1.3 billion came from its aerospace sector which received a 10-year service agreement from a major North America operator, a long-time customer, to provide heavy maintenance checks for its entire fleet of A300 and Boeing 757. The agreement covers over 160 wide-body and narrow-body aircraft to be serviced at the sector's US facilities in San Antonio and Pensacola, starting in 2020.

In Q1, ST Engineering's aerospace sector also secured contracts from new airline customers in Africa and Europe to provide component repair services to support their Bombardier Q400. Other contracts cover engine wash and equipment leasing solutions to customers in the Middle East and Europe. 

The electronics sector received S$818 million of projects, which include building a mobile communications network for passengers on the Downtown Line 3 Extension in Singapore.

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Overseas, ST Engineering is also supplying an automatic fare collection system for the Bangkok MRT Gold Line, maintenance and enhancement works for the Bangkok MRT Purple Line, an integrated supervisory control system for Wuxi's Metro Line 3, as well as a passenger information system for Taiwan Railway Authority's trains.

Shares of the company, which is 51 per cent owned by Singapore investment firm Temasek Holdings, closed at S$3.85 on Monday, down 0.52 per cent.