ST Engineering profit up 10% to $143m

Aerospace, Electronics and Marine sectors led the way with stronger revenues.

Singapore Technologies Engineering Ltd (ST Engineering) today reported higher revenue and profits in 2Q2012 compared to the same period last year.

Group revenue increased 6% to $1.57b while profit before tax (PBT) rose 13% to $187.8m and profit after tax (Net Profit) grew 10% to $143.1m. Meanwhile, for the first half of 2012, both PBT and Net Profit for the Group grew strongly at 15% on a modest revenue increase of 2% over the same period in 2011, according to a release from ST Engineering accompanying 2Q12 results.

"The Aerospace sector posted revenue of $493m, which is comparable to 2Q2011. Revenue from the Electronics sector grew 9% to $348m, mainly contributed by milestone completion of a commuter rail project, higher sales of Satellite Communications (Satcom) products and Electro-Optics equipment as well as milestone completions of a VSAT network project. Higher project deliveries in the Automotive business group contributed to higher revenue of $389m for Land Systems sector, an increase of 11%. The Marine sector’s revenue increased 7% to $277m as a result of higher Shipbuilding revenue," ST Engineering said.

"Commercial sales accounted for 65% or $1.0b of 2Q2012 revenue. At end June 2012, the Group maintained its financial strength with cash and cash equivalents, and short-term investments of $2.0b," it added.

“The Group registered growth in Revenue, PBT and Net Profit of 6%, 13% and 10% respectively in 2Q2012 over 2Q2011. Compared to 1Q2012, PBT and Net Profit rose by 16% and 7% respectively. The Group’s order book as at end of the quarter scaled an all time high of $12.7b," said Tan Pheng Hock, President & CEO, ST Engineering.

"Compared to 1H2011, 1H2012 Revenue grew modestly at 2% while PBT and Net Profit grew strongly at 15%. This is attributable to growth at the Aerospace, Electronics and Marine sectors. Barring unforeseen circumstances, the Group expects to achieve higher Revenue and PBT for FY2012 over FY 2011," he added.

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