Singapore’s ST Engineering released its financial results for the third quarter of 2017 on 8 November, revealing a significant increase in profits for the period.
The company, which is Singapore’s main defence industrial provider, recorded revenues of SGD1,622 million (USD1,191 million), a rise of just 0.6% year on year. Earnings before interest and tax (EBIT), however, rose by 78.2% compared with the same period in 2016, to reach SGD146 million.
Vincent Chong, President & CEO of ST Engineering, said, “We continue to position the Group for long-term sustainable growth and value creation. We acquired a US robotics company, Aethon, and marine repair assets in the US to strengthen our capability and service offerings.”
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