ST Engineering's 3Q profits plunged 42% to $76.7m

Land systems sector suffers a $41.4m loss.

Singapore Technologies Engineering Ltd (ST Eng)'s revenue for 3Q2016 at $1.6b was 8% higher when compared with $1.5b for the same period in 2015.

Profit before tax (PBT) of $106.6m, however, was 31% lower compared with $154.7m, and profit attributable to shareholders (Net Profit) of $76.7m was 42% lower against $133.3m for the same period last year.

The Aerospace sector posted higher quarterly revenue of $563m, up 11% year-on-year from $506m, and PBT of $65.2m was comparable to the same quarter last year.

Quarterly revenue for the Electronics sector was $466m, up 9% year-on-year from $429m, and its PBT of $52.8m was 7% higher compared with $49.3m for the same quarter last year.

Compared with the same quarter the year before, the Land Systems sector posted comparable year-on-year revenue of $334m. However, it reported a net loss before tax of $41.4m, as a result of a $61.1m one-off charge consisting of an impairment of asset carrying values and provision for closure costs for JHK, its road construction equipment business in China.

At the Marine sector, while revenue of $211m was comparable to the same quarter last year, its PBT of $38.7m was 143% higher than $15.9m a year ago as all its business groups reported better performance.

For 3Q2016, commercial sales contributed 63% or $1b of Group revenue. Cash and cash equivalents including funds under management was $1.3b after the payment of an interim dividend of $155m in September 2016.

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