ST Engineering’s net profit down 5% to $130m in Q1

Due to lower revenue from Land Systems and Marine.

ST Engineering's net profit declined 5% year-on-year to $130m in the first quarter, on back of lower revenue from its Land Systems and Marine segments.

Overall revenue was 3% lower year-on-year at $1.5b. The group reported an earnings per share (EPS) of 4.17 cents, lower than 4.41 cents in the same period last year.

"For the first quarter of 2015, the Group reported comparable Revenue with a lower PBT compared to the same quarter last year. The difficulties faced by our US shipbuilding operations affected the Group’s overall performance,” said Tan Pheng Hock, President & CEO of ST Engineering.

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