ST Engineering reports 13% increase in revenue in March quarter

Singapore Technologies Engineering (ST Engineering) on Monday reported revenue of $2.3 billion for the first quarter, up 13% from $2 billion in Q1 of 2022 as the revenue in most business segments booked improvements over the quarter leading to top-line growth. However, the group noted that supply chain disruptions and project delays led to a significant impact on the revenue growth. ST Engineering’s commercial aerospace business posted a 29% year-on-year increase in revenue to $873 million from $674 million citing recovery of passenger traffic as borders opened.  The Group’sfirst-quarter revenue for the segment was higher than pre-Covid-19 levels as air