IBTimes UK

Singapore Technologies Engineering reported net profit in the first quarter fell as much as 15 percent to $110.2 million.

It said a decline in profits from land systems and marine businesses contributed to the overall fall in profitability in the latest quarter.

Better sales figures from the company's aerospace and electronics divisions rubbed off on overall revenues, which increased to $1.63 billion, a rise of 8 percent year-on-year.

The company said business conditions remained upbeat, with the quarter ended 31 March marking orders worth $11.5 billion.

However, the company warned that it faced headwinds in its ship building business owing to factors including a Chinese slowdown.

Earnings per share (EPS) dropped 15 percent compared with the same quarter a year ago, to 3.53 cents.

"Our business operations, including shipbuilding, continue to face industry headwinds, the impact of slow-down in China and overall, an uncertain global economic outlook," chief executive officer Tan Pheng Hock said in a statement.

"Against a weakening global economic environment, the group adopts a cautious approach to its businesses," the CEO added.