ST Engineering's Q1 profit down 5%

SINGAPORE Technologies Engineering's (ST Engineering) net profit for the first quarter ended March 31, 2015, dipped 5 per cent to S$130 million, compared to S$137.2 million in the year-ago period, due mainly to challenges in its US shipbuilding operations.

The group's revenue for the quarter held steady at S$1.51 billion, down 3 per cent from S$1.55 billion in the year-ago period.

For the first half of 2015, the group expects revenues to be comparable and profit before tax to be lower.

Earnings per share for the quarter were 4.17 cents while net asset value per share was 47.36 cents. No dividends were declared for the quarter.

On Tuesday, ST Engineering had closed trading down 1.09 per cent at S$3.63.