ST Engineering profit up 3% to $133.8m

This is despite all sectors except for Marine posting lower revenue in the third quarter.

In an announcement ST Engineering said, “Nevertheless, profit before tax (PBT) grew 4% to $165.9m and net profit increased by 3% to $133.8m. The higher PBT was partially attributable to write-back of allowance for inventory obsolescence as a result of a group-wide industry and benchmarking study on the basis and estimates for allowance for inventory obsolescence in 3Q2011.”

Meanwhile the company expects about $1.3b of the $11b order book to be delivered in the last quarter of 2011.

TAN Pheng Hock, ST Engineering President & CEO, said, “The Group continues to secure orders and grow its order backlog to $11 billion at the end of the quarter despite the challenging environment.”

He said barring unforeseen circumstances, the Group expects to achieve revenue and profit before tax for FY2011 comparable to FY2010.

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