ST Engineering Makes Management Changes
Singapore Technologies Engineering Ltd today announced that Mr Ravinder Singh will replace Mr Sew Chee Jhuen as President of Singapore Technologies Kinetics Ltd (ST Kinetics). Mr Sew will take on a new role as President for Special Projects at ST Engineering. The appointments are effective 23 March 2015. Mr Singh is currently Deputy President, Corporate and Market Development at Singapore Technologies Electronics Limited (ST Electronics), a role he held since joining the Group in August 2014. He will relinquish this appointment in ST Electronics. Currently, in this position, he leads the Group's Smart Nation initiatives and will continue to do so in his new capacity.
ST Engineering Y-O-Y Profits Slip
Singapore Technologies Engineering Ltd reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.63b as reported for FY2013. Profit before tax (PBT) of $650.7m was $79m or 11% lower year-on-year compared to $729.7m, and Net Profit of $532.0m was $48.8m or 8% lower year-on-year compared to $580.8m. At the business sector level, revenue for the Aerospace sector was comparable at $2.06b, and PBT was down 11% to $283m from $319.4m reported for FY2013. The Electronics sector achieved higher PBT of $184m, up 8% compared to $170.3m in FY2013 on the back of comparable year-on-year revenue of $1.58b. The Land Systems sector posted comparable year-on-year revenue of $1.4b, and a lower PBT of $56.2m, down 50% from $111.8m in FY2013.
ST Engineering Rejigs Top Deck
Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the Group with a view to further strengthen its leadership team. Mr Lee Fook Sun, currently President of Singapore Technologies Electronics Limited (ST Electronics) and President, Defence Business of ST Engineering, will assume additional responsibilities as Deputy CEO of ST Engineering. In this new position, he will explore additional synergies across the Group's four business sectors. Mr Vincent Chong Sy Feng, currently President of Strategic Plans & Business Development, Singapore Technologies Aerospace Ltd (ST Aerospace), will be appointed Deputy CEO (Corporate Development).
ST Engineering Singapore's Sole Ranker in Forbes' List
Singapore Technologies Engineering Ltd (ST Engineering) announced that it is the only company in Singapore to make it to Forbes’ list of The World’s Most Innovative Companies. It is ranked 87 out of 100 companies globally, with an Innovation Premium of 33.6%. “We are honoured to be in this ranking which shows that the market recognises the innovative culture of ST Engineering,” said Mr Tan Pheng Hock, President & CEO of ST Engineering. At ST Engineering, there are several platforms within the Group that foster an innovation culture, and draw out ideas from employees. These include annual innovation awards, idea awards and team excellence awards.
ST Engineering 2Q 2014 Unaudited Results
Singapore Technologies Engineering Ltd (ST Engineering) announced today that the Group posted quarterly revenue of $1.59b for the second quarter ended 30 June 2014 (2Q2014), which is comparable with the prior year’s revenue in the same period. The Land Systems sector saw lower revenue due to fewer deliveries in its Automotive business group in the second quarter. The other three sectors - Aerospace, Electronics and Marine registered growth of between 6% and 12% year-on-year. In 2Q2014, all sectors except for the Electronics sector, recorded lower profit before tax (PBT) resulting in a 12% drop in Group PBT to $163.7m from $186.9m in the same period last year.
