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S'pore Technologies Engineering's net profit up 2% in Q1

Singapore Technologies Engineering (STEngg) has reported a net profit of S$137.2 million in the first quarter.

SINGAPORE: Singapore Technologies Engineering (STEngg) has reported a net profit of S$137.2 million in the first quarter.

This was up 2 per cent from a year ago, and came despite group revenue staying flat at S$1.55 billion.

STEngg said in a statement that commercial sales accounted for S$965 million, or 62 per cent, of revenue.

The group's order book rose to S$13.4 billion, from S$13.2 billion on 31 December 2013.

In the first quarter, the company won contracts valued at over US$1 billion.

The Aerospace sector won S$460 million worth of contracts. These included a two-year heavy maintenance contract from a major airline, an inaugural maintenance contract from Aircalin, and an extension pilot-training contract from Xiamen Airlines.

Meanwhile, the Electronics sector won S$581 million worth of contracts for its intelligent transportation, satellite and broadband communications, advanced electronics and Information Communications Technologies solutions.

STEngg added that it expects to deliver S$3.3 billion of orders for the rest of 2014.  

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