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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses
DuPont beats profit estimates, raises full-year forecasts
Binance founder Zhao Changpeng gets four months in prison
Apple set for big sales decline as investors await AI in iPhones
Microsoft, Brookfield to partner on renewable energy projects