Singapore Technologies Engineering
Singapore Technologies Engineering website

Singapore Technologies Engineering on Wednesday reported a 67 percent jump in the third-quarter net profit due to the absence of a one-off charge incurred in the same period last year.

Net profit attributable to shareholders rose to S$128.4 million in the three months ended September 30 compared to S$76.7 million in the same period of last year.

ST Engineering incurred a charge of S$61.1 million in the third quarter of 2016 for its Specialty Vehicle business in China, the company said in a regulatory filing.

Singapore-based defence and engineering group said revenue rose 1 percent to S$1.6 billion.

The aerospace sector posted an 8 percent rise in revenue to S$608 million while revenue for the electronics sector was 6 percent higher at S$495 million.

Revenue for the marine sector dropped 22 percent to S$164 million in the quarter.

For the third quarter, the group announced about S$1.1 billion worth of contracts. Order book stood at S$13.3b, of which about S$1.2 billion will be delivered in the remaining months of 2017, the company said.

Shares in the firm lost 1.4 percent to S$3.42 on the Singapore Exchange. The stock has risen about 6 percent so far this year.