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.”
ST Engineering reports steady Q3 results
