ST Engineering reveals Q2 2019 operating profit rise

Darren Wood
By Darren Wood August 14, 2019 09:52

ST Engineering reveals Q2 2019 operating profit rise

ST Engineering Aerospace has revealed its operating profit for the second quarter of 2019 rose 26% year-over-year to $57.7 million.

The company’s revenue stood at S$837 million, an increase of 17% – with the company saying the Middle River Aircraft Systems (MRAS) unit was the main contributor, partly offset by the absence of engine sales and Jet Airways revenue. 

Commenting on this, Vincent Chong, president and CEO of ST Engineering, said: “MRAS acquisition was completed in April. It has been accretive to our earnings and its integration into the group is progressing well. Our underlying business remains strong and our group’s record-high order book of S$15.6 billion gives us revenue visibility over the next few years.”

Elsewhere, net profit rose 14% to S$269.3 million from S$235.2 million a year ago. Its revenue also increased 6% S$3.51 billion, up from S$3.30 billion for the same period last year. 

Attributable net profit for the period dipped 3.5% to S$64.2 million.

Darren Wood
By Darren Wood August 14, 2019 09:52