ST Engineering's Q2 profit falls 10% to S$133m

SINGAPORE Technologies Engineering (ST Engineering) reported a 10 per cent year-on-year slide in its second-quarter net profit to S$133.16 million as revenue dipped slightly and costs edged upwards.

Revenue slipped 0.7 per cent to S$1.59 billion as a 25 per cent drop in revenue from its land systems unit was generally offset by higher revenue from its aerospace, electronics and marine sectors. The land systems sector saw lower revenue due to fewer deliveries in its automotive business group, ST Engineering said. Cost of sales climbed 0.6 per cent to S$1.25 billion.

Commercial sales made up 62 per cent of group revenue in Q2 2014.