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ST Engineering Profits from Land Systems and Marine Sectors Declined

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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
Revenue ($m) 1,627 1,511 8
Earnings before interest and tax (EBIT) ($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.

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