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ST Engineering’s Q3 profit down 10% to S$131.4 million

SINGAPORE - Defence contractor and aircraft maintenance firm Singapore Technologies Engineering on Thursday reported a 10.3 per cent drop in third-quarter net profit due to an impairment charge, Dow Jones Newswires reported.

SINGAPORE - Defence contractor and aircraft maintenance firm Singapore Technologies Engineering on Thursday reported a 10.3 per cent drop in third-quarter net profit due to an impairment charge, Dow Jones Newswires reported.

Net profit in the quarter ended Sept 30 was S$131.4 million, compared with S$146.4 million in the same period last year, the company said in an after-market statement. Revenue was little changed at S$1.55 billion - against S$1.54 billion last year, it added.

ST Engineering took an impairment charge of S$23.7 million in the quarter for a marine project, the statement showed.

The company had an order book of S$12.5 billion at the end of September, of which about S$1.5 billion is expected to be delivered in the last quarter of this year, it said.

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