ST Engineering reports steady Q3 results

Singapore Technologies Engineering (ST Engineering) has reported a steady performance for its third quarter ended 30 September 2013. 3Q2013 Group revenue was S$1.55bn compared to the prior year revenue of S$1.54b for the same period. Group profit before tax (PBT) declined 8% year-on-year to S$170.3m and net profit after tax (Net profit) dropped 10% to $131.4m, compared to the same period last year. This quarter saw an impairment charge in the Marine sector of S$23.7m for ROPAX and this was partially offset by write-back of warranty provisions of $14.4m that were no longer required. The Aerospace sector posted comparable revenue of S$510m, and lower PBT of S$80.2m, down 6% compared to the prior year same period. On a nine months basis, Group revenue was S$4.69bn, against S$4.65bn registered in the prior year same period. “Our strong order book gives us the ability to ride out market volatilities in the future,” said TAN Pheng Hock, President & CEO, ST Engineering. “The diversified competencies across our business sectors put us in a good position to face the uncertain business climate that lies ahead. Barring unforeseen circumstances, the Group expects to achieve comparable Revenue and PBT for FY2013 over FY2012.”