ST Engineering reports Q3 earnings

Singapore Technologies Engineering Ltd (ST Engineering) has reported revenues of $1.55bn but a 10% drop in gross profit to $151.7m, and an 8% decline in net profit to $121.3m Revenue for the Aerospace sector was $470m, down 8% from $510m mainly attributable to the Component/Engine Repair & Overhaul business group which generated lower revenue. The weaker performance in the Aerospace sector’s European operations impacted its PBT, which saw a 19% drop to $63.5m from $78.5m a year ago. This in turn impacted the Group PBT even though the Electronics sector enjoyed a 9% increase in PBT to $47m from $43m,