ST Marine, an arm of ST Engineering, posted higher first quarter net profit due mainly to favourable sales mix of shipbuilding and engineering business groups, Seatrade Asia online reports. First quarter net profit at ST Marine stood at S$21.5m ($17.2m), an increase of 20% compared to S$18m in the same period of 2011.
Revenue during the quarter declined 10% to S$244m from S$272m a year ago as a result of lower shipbuilding revenue.
ST Marine projected that revenue for the first half of 2012 is expected to be lower, whilst profit before tax is expected to be higher compared to the first half of 2011.
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