Singapore Technologies Engineering (ST Engineering) has announced its 3QFY2021 ended September market updates on Nov 10.
The company highlighted more than $1.82 billion in new contracts were secured during the 3Q, comprising $1.03 billion in commercial aerospace contracts, $382 million in urban solutions and satellite communications contracts, and $413 million in defence and public security contracts.
See: ST Engineering secures maintenance contract with JAL
The company’s order book stood at $18.2 billion as of end-September, with $1.9 billion expected to be delivered in the remaining months of 2021.
ST Engineering says it is on target to achieve $180 million in cost savings for FY2021, which will be partially reinvested in growth areas. In addition, the company noted that regulatory reviews for its proposed acquisition of Transcore are in progress.
ST Engineering highlighted a recovery in its commercial aerospace revenue, with international flights expected to help drive greater maintenance repair and overhaul (MRO) recovery. The company’s capacity utilisation rate stood at 80% in 3Q2021, compared to two-thirds in 1H2021.
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Shares in ST Engineering closed flat at $3.81 on Nov 9.
Photo: Albert Chua/The Edge Singapore
