ST Engineering reports higher EBIT compared to 2Q2012

The Group posted quarterly revenue of $1.59bn, compared with the prior year revenue of $1.57bn for the same period. Revenues for the Group’s Aerospace, Electronics and Land Systems sectors at $506m, $354m and $392m respectively were comparable to 2Q2012. EBIT totalled $177.7m, an increase of 7% from $165.9m a year earlier. Group profit before tax (PBT) was $189.3m versus $187.8m for 2Q2012. All sectors, except for Aerospace sector which recorded comparable PBT, achieved higher PBT growth of between 7% and 13%. Of note, PBT for the prior year period included a non-recurring gain of $12.8m from the disposal of properties by the Aerospace and Land Systems sectors. Quarterly net profit was $147.9m, compared with the prior year $143.1m for the same period.