ST Engineering reports comparable year-on-year profit for 3rd quarter 2015

Singapore Technologies Engineering (ST Engineering) announced financial results for its third quarter ended September 30th, 2015 (3Q2015). The Group posted quarterly revenue of US$1.50bn and profit before tax of US$154.7m. These results are comparable to revenue of US$1.55bn and profit before tax of US$151.7m in the same quarter last year. Quarterly net profit after tax (Net Profit) was US$133.3m, up 10% from US$121.3m for the same quarter last year. The Aerospace sector posted revenue of US$506m, up 8% from US$470m a year ago due to higher engines output in the Component/Engine Repair & Overhaul business group that was partially offset by lower revenue from the Aircraft Maintenance & Modification business group. Year-on-year profit before tax was flat at US$63.3m due to lower gross profit as a result of fewer airframe maintenance work partially offset by lower finance cost as well as the absence of impairment of an associate.