ST Engineering Aerospace has posted S$623 million (approximately $448 million) total revenue for the first three months of 2019 – a 4% rise from the same period last year.
Increases in revenue from component and engine overhauls, as well as engineering and materials services businesses, has led to the revenue increase, the firm has said.
The company’s attributable net profit for the period increased 5.9% to S$62.7 million – with the bulk of the revenue coming from Asia, standing at 42%; with Europe and the US each contributing 25% to its revenue.
However, ST Engineering did post a year-on-year drop of 7.9% in its operating profit to S$63.9 million. Vincent Chong, president & CEO, ST Engineering, said: “We had a good start to the year and our recent contract wins have increased our order book to a high of $14.1b. Our focus remains on strengthening our core businesses and pursuing growth in Smart City and in the international defence business.
“On the M&A front, we have agreed to acquire Newtec Group , which operates in the high-tech satellite communications industry driving connectivity. This acquisition is expected to complete in 2H2019, and when combined with our existing satellite communications businesses, will further enhance our value proposition for Smart City.”