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SINGAPORE: Singapore Technologies Engineering is upbeat about the aerospace sector, despite pressures from rising fuel costs.
It posted a net profit of S$120 million for the first half – up 5 per cent from the same period a year ago. Revenue rose 4 per cent to S$1.3 billion.
ST Engineering said it sees opportunities in the aerospace sector where it finds work as an independent engineer.
Tan Pheng Hock, CEO of ST Engineering, said: "The independent will benefit as airlines decide not to build too much capability... they have to outsource, if not in total, at least partially.
"This trend means that the independent pie for MRO (maintenance, repair and overhaul) will go up over time."
- CNA/so
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