ST Engineering Continues Good Performance in 2Q2013

Singapore Technologies Engineering Ltd (ST Engineering) maintained a steady business momentum with revenue and earnings performance comparable to that achieved for the same period in 2012.

The Group posted quarterly revenue of $1.59b, compared with the prior year revenue of $1.57b for the same period. Revenues for the Group’s Aerospace, Electronics and Land Systems sectors at $506m, $354m and $392m respectively were comparable to 2Q2012. Marine sector’s revenue increased 12% from $277m in 2Q2012 to $311m, due mainly to higher shipbuilding activities from its Singapore operations.

EBIT totalled $177.7m, an increase of 7% from $165.9m a year earlier. Group profit before tax (PBT) was $189.3m versus $187.8m for 2Q2012. All sectors, except for Aerospace sector which recorded comparable PBT, achieved higher PBT growth of between 7% and 13%. Of note, PBT for the prior year period included a non-recurring gain of $12.8m from the disposal of properties by the Aerospace and Land Systems sectors.

Quarterly net profit after tax (Net Profit) was $147.9m, compared with the prior year $143.1m for the same period. This leads to an earnings per ordinary share of 4.78 cents, compared to 4.67 cents in the same period last year.

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Press Release, August 13, 2013