Singapore Technologies Engineering Ltd (ST Engineering) announces its 1Q2016 financial results on 13th May 2016. Revenue was 8% higher in 1Q2016 as compared with 1Q2015 due to higher sales from Aerospace and Electronics sectors. However, net profit after tax (Net profit) for the Group was $110.2m, down 15% from $130.0m as profits from Land Systems and Marine sectors declined. Earning per share fell 15% from 4.17 cents to 3.53 cents.
Revenue from Aerospace and Electronics sector are 27% and 28% higher respectively. Revenue for Land Systems and Marine sector decline by 18% and 24% respectively. Revenue from Marine sector remains weak due to lower demand for ship building from local and U.S. operations.
Order book was $11.5b at the end of March 2016, of which the Group expects to deliver about $3.0b in the remaining months of 2016.
For the first quarter ended
31 March 2016
|Earnings before interest and tax (EBIT) ($m)||97.2||110.1||(12)|
|Other income, net ($m)||22.1||20.8||6|
|Finance (costs)/income, net ($m)||(11.5)||8.5||(234)|
|Profit before tax (PBT) ($m)||130.4||150.5||(13)|
|Profit attributable to shareholders ($m)||110.2||130.0||(15)|
|Earnings per share (cents)||3.53||4.17||(15)|
The stock price for ST Engineering closed at S$3.08 today.