Singapore Technologies Engineering reports financial results for first quarter 2016

Singapore Technologies Engineering (ST Engineering) announced financial results for its first quarter ended March 31, 2016 (1Q2016). Group revenue was S$1.63bn 8% higher than a year before, with higher sales from the Aerospace and Electronics sectors. Quarterly profit before tax (PBT) for the Group was S$130.4m, down 13% from S$150.5m, and quarterly net profit after tax for the Group was S$110.2m, down 15% from S$130.0m as profits from Land Systems and Marine sectors declined. At the business level compared to the same period last year, revenue for the Aerospace sector was 27% higher at S$622m from S$489m, mainly driven by the contribution of a new subsidiary, Elbe Flugzeugwerke. PBT for the Aerospace sector remained comparable at S$75.2m.