Singapore ST Engineering says Q3 net profit down 7 pct
SINGAPORE, Nov 3 (Reuters) - Singapore Technologies Engineering (STEG.SI), the world's largest aircraft repair firm, reported a 7 percent drop in third quarter net profit, partly due absence of a tax writeback that boosted profit a year earlier.
The company, which is more than 50 percent owned by Singapore state investor Temasek Holdings [TEM.UL] and also the country's main arms maker, said its quarterly profit fell to S$120.3 million ($86.24 million) from S$128.9 million a year ago.
"Baring unforeseen circumstances, the group expects to achieve comparable turnover and profit before tax for the full year of 2009 over 2008," Tan Pheng Hock, President and CEO of the company, said in a statement.
ST Engineering's orderbook stood at S$10.3 billion at the end of September, as it won several new contracts from governments around the world, compared to S$10.74 billion at the end of June. (Reporting by Harry Suhartono, editing by Saeed Azhar)
