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ST Engineering expects cost savings and partial business recovery to mitigate grant loss

Tay Peck Gek
Published Fri, Feb 19, 2021 · 05:21 PM

SINGAPORE Technologies Engineering's cost savings measures and expected partial business recovery should help it offset the government grants that will drop off this year.

The mainboard-listed engineering conglomerate said in an earnings call on Friday that the cost savings measures initiated last year will see the full benefits amounting to about S$180 million flow into this year.

Cost savings will come from lower manpower expenses as a result of a reduction of co…

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