SINGAPORE Technologies Engineering’s (ST Engineering) net profit edged down by 4.4 per cent to S$257.4 million for the first half of fiscal 2020, from S$269.3 million a year ago. Read more at The Business Times.
However, the revenue growth was largely offset by the impact of the Covid-19 pandemic, namely the decline in customer demand, supply chain challenges and workforce disruption. The pandemic took an especially heavy toll on the aerospace and electronics sectors, ST Engineering said.
The board of directors approved an interim dividend of S$0.05 per share for the financial year ending Dec 31, 2020, the same as the previous year. It will be paid on Sept 2, after books closure on Aug 25. ST Engineering is maintaining its guidance for FY2020 revenue to come in between 5 per cent and 15 per cent lower than FY2019 levels, said Vincent Chong, president and chief executive officer.
Mr Chong noted the tailwinds from government support, especially the Singapore government’s Jobs Support Scheme, but said the group does not expect to receive such support beyond this year.
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