ST Engineering Q3 profit drops 42% on impairment of China JV

Singapore

SINGAPORE Technologies (ST) Engineering posted a 42 per cent drop in net profit for the third quarter after it took a one-time S$61.1 million charge related to the expected closing of a road construction equipment business in China.

Net profit was S$76.7 million, or 2.47 Singapore cents per share, for the three months ended September, the engineering and defence group announced on Thursday. For the nine months to September, net profit fell 19.1 per cent to S$314.1 million, or 10.12 Singapore cents per share.