Revenue for H2 FY2020 also slipped. ST Engineering said this was largely due to Covid-19.

SINGAPORE (THE BUSINESS TIMES) – Singapore Technologies Engineering (ST Engineering) posted on Friday (Feb 19) a 14 per cent fall in net profit for the half year ended Dec 31 to $264.4 million from $308.6 million a year ago.

Revenue for H2 FY2020 slipped 18 per cent to $3.6 billion from $4.4 billion. ST Engineering said this was largely due to Covid-19, which led to a reduction in customer demand, supply chain challenges and workforce disruption.

Earnings per share for the full year was also lower at 16.74 cents, down from 18.53 cents last year.

Net profit for the full year fell 9.7 per cent, to $521.8 million from $577.9 million, while revenue for FY2020 dipped 9 per cent to $7.16 billion from $7.87 billion the previous year.

A final dividend of 10 cents per share was declared for the half year. Combined with an interim dividend of five cents, this brings the full-year dividend to 15 cents. The final dividend will be paid out on May 7, after books closure on April 29.

Shares of ST Engineering last traded at $3.74, down 0.8 per cent or $0.03 at Thursday’s closing.