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ST Engineering posts 27% rise in 4Q09 net profit

ST Engineering, world's largest aircraft repair firm, posted 27% rise n 4Q09 net profit as compared to 4Q08.

For FY2009, the Electronics and Marine sectors reported higher turnover, the Aerospace sector had comparable turnover, while the Land Systems sector had lower turnover as compared to FY2008. The higher turnover in the Electronics sector is largely attributable to milestone completions of several projects including MRT projects in Singapore, Taiwan, Guangzhou and Bangkok, the Integrated Resort project, software system and simulator projects as well as sales of satellite communications products. The Marine sector recorded higher shipbuilding turnover due to favourable sales mix in both the Singapore and US operations.

A final dividend of 10.28 cents per share, consisting of an Ordinary Dividend of 4.00 cents per share and a Special Dividend of 6.28 cents per share is being proposed. Together with the interim Ordinary Dividend of 3.00 cents per share paid in September 2009, the total dividend of 13.28 cents translates to a yield of 4.72%, computed using the average closing share price of the last trading day of 2009 and 2008.

ST Engineering continued to strengthen its order book in 2009 and ended the year with a healthy order book of $10.3b, of which about $3.7b is expected to be delivered in 2010.

ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Head-quartered in Singapore, the Group reported revenues of $5.55b in FY2009 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 42 cities.

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