ST Engineering posts 5.4% drop in H1 profit due to Transcore acquisition

TECHNOLOGY group ST Engineering on Friday (Aug 12) posted a 5.4 per cent drop in net profit for the first half ended Jun 30, to S$280 million from S$296.1 million last year, due to higher transaction and integration expenses for its Transcore acquisition and the tax-exempt effect of the Job Support Scheme.

Earnings per share also slipped 5 per cent to S$0.0899 from S$0.095.

Revenue for the group grew 17 per cent to S$4.3 billion from S$3.7 billion, driven by higher contributions from all business segments.

The management approved a second interim dividend of S$0.04 for the quarter ended Jun 30, paid out on Sep 2 after book closure on Aug 23.

Shares of ST Engineering fell 0.5 per cent or S$0.02 to S$4.07 at Thursday's closing bell.