ST Engineering Q4 profit drops 26% after one-off charges

Singapore

SINGAPORE Technologies (ST) Engineering reported a 26 per cent drop in net profit to S$124.5 million for its fourth quarter from S$168.1 million a year ago, after accounting for one-off, pre-tax charges of S$25 million related to portfolio rationalisation and its acquisition of General Electric's MRA Systems.

Excluding the one-time charges, pre-tax profit would have been 7 per cent higher at S$185.6 million and net profit would be up 1 per cent at S$149.1 million, if the prior year's one-off favourable US tax adjustment of S$20 million was excluded as well, the company said in a regulatory filing before Thursday's market open.