ST Engineering's Q2 profit up 10% despite revenue dip

Singapore

ST Engineering's second-quarter net profit rose 10 per cent year on year to S$117.5 million on the back of a better sales mix, the absence of additional cost provisions from a maritime project, and a gain from the divestment of its stake in an associate.

This was despite revenue sliding 3.3 per cent to S$1.65 billion for the three months ended June 30, in the absence of the one-time revenue increase for the electronics sector in Q2 2017 from the modification of revenue-recognition estimates.