ST Engineering’s net profit grows 15% in first half 2012

Singapore Technologies Engineering (ST Engineering) reported higher revenue and profits in 2Q2012 compared to the same period last year. Group revenue increased 6% to $1.57bn while profit before tax rose 13% to $187.8m and profit after tax grew 10% to $143.1m. For the first half of 2012, both profit before tax and net profit for the Group grew strongly at 15% on a modest revenue increase of 2% over the same period in 2011. The Aerospace sector posted revenue of $493m, which is comparable to 2Q2011. The Aerospace sector secured about $370m worth of new contracts for aircraft maintenance and modification, component total support, and engine total support businesses. Other developments included its agreement with Airbus, EADS and EADS EFW to launch the A330 Passenger-to-Freighter conversion programme, and its investment completion in EcoServices that expanded its engine total support value chain.