ST Aero Q2 net profit up 5%

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Maintenance, repair and overhaul firm ST Aerospace has posted a 5% growth in net profit to S$51.9 million ($38.4 million) for its second quarter.

Turnover for the three months ended 30 June inched up 1% to S$502 million, says the company.

It reported higher sales in the aircraft maintenance and modification, and engineering and material services business groups. However, this was offset by reduced sales in the component and engine repair and overhaul business, it adds.

Looking ahead, the MRO firm expects turnover in the year's second half to be comparable to that in the first half. Profit before tax in the second half is expected to be higher than that in the first half, adds ST Aerospace.