ST Engineering reports lower profits in second quarter 2017

Singapore Technologies Engineering (ST Engineering) has announced that Group revenue for its second quarter ended 30 June 2017 (2Q2017) came in 8% higher at S$1.76bn compared to S$1.62bn in the same period last year. Group quarterly Profit before tax (PBT) fell 12% year-on-year to S$149.8m from S$170.3m, mainly due to an S$8.1m loss from the Marine sector impacted by weak industry conditions and its US operations. Profit attributable to shareholders (Net profit) at S$111.5m was 12% lower compared to S$127.3m the year before. At the business sector level compared to the same period last year, revenue for the Aerospace sector was comparable at S$639m, and its PBT grew 6% to S$78.9m from S$74.2m. Commercial sales and defence sales accounted for 64% or S$1.1bn and 36% or S$0.7bn respectively of the Group’s 2Q2017 revenue. Order book remained strong at S$13.5bn, compared to S$13.3bn as at end March 2017.