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SINGAPORE : Singapore Technologies (ST) Engineering has booked a 3 per cent rise in third quarter earnings, compared to a year ago.
Net profit for the three months ended in September came in at S$128.9 million, on the back of a 12 per cent increase in turnover to S$1.38 billion.
ST Engineering said it saw double-digit turnover growth from all sectors except for marine.
The company said that as at the end of September, it has about S$1 billion in cash, which it can use to grow its operations.
"The current market is a challenging market and it's also an opportunity for us to look at how to grow our operations through acquisitions, through building new capabilities, and through looking at acquiring market access. So we are always on the lookout for potential that's strategic to us," said Tan Pheng Hock, president & CEO of ST Engineering.
ST Engineering said it expects its full-year turnover to be modestly higher than in the previous year. It, however, warned that full-year earnings may slip. - CNA /ls
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