ST Aero profit down 18% in 2009

Singapore
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Maintenance, repair and overhaul firm ST Aerospace (ST Aero) has posted an 18% fall in net profit for 2009.

It reported S$185.7 million ($131.7 million) in profit attributable to shareholders for the year ended 31 December 2009, down 18% from the S$225.7 million net profit posted in 2008.

The drop in profit was due to fewer Boeing MD11 freighter conversion re-deliveries and the absence of investment income, says ST Aero.

But this was offset by more Boeing 757 freighter conversion re-deliveries and income from a government grant for companies during the economic downturn, it adds.

Turnover for 2009 fell 3% to S$1.9 billion from 2008, says ST Aero.

"The turnover for the aerospace sector in 2009 was comparable to that of 2008 despite the adverse global economic conditions and aviation downturn," says ST Aero's president Tay Kok Khiang.

ST Aero expects turnover for 2010 to be higher than that for 2009, but expects profit figures to be comparable, adds the MRO firm.