ST Aerospace Performs Strongly In Q1 Despite Group Profit Decrease

Singapore Technologies Engineering (ST Engineering) reported on Friday (May 13) that net profit for the three months up to March 31 was down 15 per cent year-on-year to SGD$110.2m ($80.4m) but its aerospace division continued to perform strongly.

Singapore Technologies Engineering (ST Engineering) reported on Friday (May 13) that net profit for the three months up to March 31 was down 15 per cent year-on-year to SGD$110.2m ($80.4m) but its aerospace division continued to perform strongly.

ST Aerospace saw Q1 2016 revenues rise 27 per cent to SGD$662m ($483.1m) from last year's SGD$489m ($356.8m), which it attributed to contributions from its recently acquired Germany-based Airbus freighter aircraft conversion subsidiary EFW.

Profit before tax hit SGD$75.2m ($54.9m) while ST Aerospace amassed SGD$408m ($298m) in new contracts during the quarter.

TAGS: Asia Pacific
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