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ST Engineering Reports Lower Year-on-year PBT for 1Q2015

 

FINANCIAL HIGHLIGHTS for the year ended 31 March 2015

 

2015
1Q

2014
1Q

Growth
%

Revenue ($m)

1,511

1,552

(3)

Earnings before interest and tax (EBIT) ($m)

110.1

133.5

(18) 

Other income, net ($m)

20.8

17.4

 19

Finance income / (costs), net ($m)

8.5

(4.1)

 306

Profit before tax (PBT) ($m)

150.5

167.9

 (10)

Profit attributable to shareholders ($m)

130.0

137.2

 (5)

Earnings per share (cents)

4.17

4.41

 (5)

 

  • Commercial sales constituted 63% or $950 million of revenue
  • Order book of $12.2 billion at end March 2015, of which about $3.0 billion is expected to be delivered in the remaining months of 2015
  • Cash and cash equivalents including funds under management totalled
    $1.9 billion
  • Advance payments from customers totalled $1.7 billion

N.B.: All currencies are in Singapore dollars



Singapore, 13 May 2015 – Singapore Technologies Engineering Ltd (ST Engineering) today announced financial results for its first quarter ended 31 March 2015 (1Q2015). 

The Group posted quarterly revenue of $1.51b compared to $1.55b a year ago.  Quarterly Profit before tax (PBT) for the Group was $150.5m, a 10% drop compared to $167.9m in the same period a year ago.  Quarterly Net Profit came in comparable at $130m against the same period a year ago.


At the business sector level, the Aerospace sector posted comparable quarterly revenue and PBT of $489m and $71.4m respectively.  The Electronics sector achieved quarterly PBT of $34.9m, up 8% from $32.3m on comparable quarterly revenue of $356m.  While quarterly revenue for the Land Systems sector was 6% higher at $346m from $325m, its quarterly PBT dropped 14% to $16.2m from $18.8m. The Marine sector posted quarterly revenue of $280m, 13% lower compared to $323m and a quarterly PBT of $23.4m, 26% lower compared to $31.5m in the same period a year ago. 


For the first quarter of 2015, the Group reported comparable Revenue with a lower PBT compared to the same quarter last year. The difficulties faced by our US shipbuilding operations affected the Group’s overall performance.  Our order book is healthy and cash and cash equivalents including funds under management remain high at $1.9b. Barring unforeseen circumstances, the Group expects to achieve comparable Revenue and PBT for FY2015 when compared to FY2014.” ~ TAN Pheng Hock, President & CEO, ST Engineering


Commercial business accounted for 63% or $950m of the Group’s 1Q2015 revenue.  The Group ended the first quarter with an order book of $12.2b, of which it expects to deliver $3b of orders in the remaining months of 2015.


New contracts announced in 1Q2015


The Aerospace sector announced contracts worth about $298m that included  a  five-year Maintenance-By-the-Hour (MBH™) agreement for nine 737NG aircraft, heavy maintenance contracts, aircraft interior modification of two 737 aircraft, landing gear overhaul and exchange contracts, as well as a five-year agreement with a Middle Eastern customer for a Multi-crew Pilot License programme.   The Electronics sector announced about $383m of contracts for its rail electronics and intelligent transportation, satellite and broadband communications, as well as advanced electronics and ICT solutions.  The Land Systems sector won a contract to supply toBrazilits 40mm High Velocity and Low Velocity grenades, further reinforcing the leading position of its 40mm ammunition.


ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors.  Headquartered in Singapore, the Group reported revenue of $6.54b in FY2014 and ranks among the largest companies listed on the Singapore Exchange.  It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices.  ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries.  Please visit www.stengg.com for more information.


Media contact:
Lina Poa
SVP, Corporate Communications
ST Engineering
Tel: (65) 6722 1883 / 9696 5453    
Email: linapoa@stengg.com

 

 

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