ST Engineering posts 6.1% drop in Q1 profit

SINGAPORE Technologies (ST) Engineering reported a 6.1 per cent drop in net profit to S$103.4 million for the first quarter ended March 31 on lower revenue.

Its revenue for the quarter slipped 5.4 per cent to S$1.54 billion, as higher contribution from the marine sector was partially offset by lower contribution from the land systems sector as well as "others".

The group said it expects revenue and profit before tax (PBT) for the fiscal first half to be comparable to that in the year-ago period.

"For FY2017, the group's revenue is expected to be comparable to, while PBT is expected to be higher than that of FY2016," it added.