Singaporean MRO company ST Aerospace posted 8.8% year-on-year growth in its net profit to Singapore dollars (S$) 257 million ($208 million) for fiscal year 2012.
Revenue for the 12 months ended 31 December 2012 rose by 5.1% to S$2.03 billion mainly as a result of higher revenue in the aircraft maintenance and modification business group.
ST Aero's operating profit for the period increased by 13% to S$274 million and gross profit rose by 15% to S$417 million.
Its total profit before tax (PBT) climbed by 9.2% to S$304 million for the full-year period. This was attributed to higher gross profit in line with higher revenue and favourable sales mix, higher other income, reduced partially by higher operating expenses, higher finance costs and lower contributions from associates.
For its separate divisions, the aircraft maintenance and modification segment posted a revenue of S$1.03 billion, up by 11% and its PBT increased by 0.8% to S$161 million. The revenue from its component/engine repair and overhaul unit decreased by 1% to S$700 million, while its PBT rose by 30% to S$81.8 million.
The company's engineering and material services unit posted a revenue of S$293 million, up by 0.3%, and its PBT grew by 9.6% to S$61.5 million.
Looking ahead, ST Aero expects its revenue for 2013 to be comparable with that of last year, while its PBT is expected to be higher year on year, barring unforeseen circumstances.