ST Engineering
ST Engineering website.

Singapore Technologies Engineering on Friday reported a 12 percent decline in the second-quarter net profit due to an S$8.1 million loss from the marine sector impacted by weak industry conditions and its U.S. operations.

Net profit attributable to shareholders dropped to S$111.5 million in the June quarter, compared with S$127.3 million in the same period of last year.

Singapore-based defence and engineering group said revenue rose 8 percent to S$1.76 billion.

The marine sector posted 34 percent drop in revenue to S$163 million due to lower Shipbuilding revenue from both local and U.S. operations and lower Engineering revenue.

Order book stood at S$13.5 billion in the quarter ended June, compared to S$13.3 billion as at end March 2017, Singapore Technologies said in a statement to the Singapore Exchange.

The Group expects to deliver S$2.1 billion of orders in the rest of 2017.

The company declared an interim dividend of 5 cents per share.

Shares in the firm lost 2.4 percent to S$3.73 on the Singapore Exchange. The stock has risen about 15 percent so far this year.