Singapore Technologies Engineering (ST Engineering) has reported that it registered higher revenue and profits for its second quarter ended 30 June 2019 (2Q2019) compared to the same period a year ago. Quarterly revenue grew 8% y-o-y to SG$1.78 billion from SG$1.65 billion, and Profit before tax (PBT) rose 13% to SG$169.7 million from SG$150.4 million. Profit attributable to shareholders (Net Profit) was up 18% to SG$138.2 million from SG$117.5 million. Newly acquired MRAS was consolidated from April 18, as part of its Aerospace sector’s Engineering & Material Services business group.
At the business sectors, revenue for the Aerospace sector was up 17% y-o-y to SG$836 million from SG$713 million, with MRAS as the main contributor, partly offset by the absence of engine sales and Jet Airways revenue. Despite contribution from MRAS, its Net Profit was 4% lower y-o-y at SG$64.2 million from SG$66.6 milliom mainly due to the absence of prior year’s profits arising from the divestment of an associated company and opportunistic engine sales. Revenue for the Electronics sector was SG$495 million, down 3% from SG$512 millio a year ago and Net Profit was 5% lower y-o-y at SG$44.3 milion from SG$46.7 million, largely due to timing in revenue recognition for projects and higher selling and distribution expenses as a result of increased sales activities to support international expansion.