ST Engineering's Q1 profit grows 9% on-year to S$92.8m
By Travis Teo | Posted: 04 May 2010 1905 hrs

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SINGAPORE: Mainboard-listed ST Engineering has booked a nine percent on-year increase in net profit to nearly S$92.8million in the first quarter of 2010.

The firm attributes the better performance to higher contributions from its key divisions.

Its Aerospace unit was the largest contributor to the company's profit, rising by seven per cent on-year to S$42.7 million.

ST Engineering said this was due to favourable sales mix and lower expenses.

Profit in the electronics division was up 29 per cent to S$28.1 million while the marine sector's profit climbed 17 per cent to S$24.2 million.

Bucking the trend is the Land Systems division which saw a 13 per cent drop in profit to S$22.8 million as a result of higher operating expenses from the subsidiaries it acquired.

Meanwhile, revenue for the period rose three per cent on-year to S$1.36 billion.

Looking ahead, ST Engineering said it expects to achieve a higher revenue this year.

Its order book has also soared to a new high in the quarter. - CNA/vm