ST Engineering's land systems profit highest in three years

Profit before tax hit $29m from completed defence automotive projects.

ST Engineering's Land Systems segment profits hit the highest since 2014 at $29m, a 5% increase YoY.

CIMB said the completion of defence automotive projects and sale of 40mm munition boosted earnings.

As a result, profit before tax (PBT) margin increased from 5.8% in Q1 to 9.6%.

CIMB said the 40mm munition project will also recur in the second half year.

Land Segments delivered 14 Amphibious Combat Vehicle (ACV) prototypes to the US Marine Corps, with two to be delivered this year.

Its other losses narrowed to S$2m from $8m in Q1, as Miltope almost broke even.

"We expect S$2m profit for FY17F," CIMB said.

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