Singapore Technologies Engineering (ST Engineering), the technology, defence and engineering conglomerate, saw earnings for 1H20 ended June fall 4% to $257.4 million from the $269.3 million posted last year.

The lower net profit was due to project losses from the group’s US shipbuilding business, the impairment of intangible assets, receivables, and fair value changes as the business outlook for some lines of business was forecasted to be poorer as a result of Covid-19. The lower sums were partially mitigated by cost reduction initiatives and government support, which provides a 10-month wage subsidy for 2020.

Thus, ST Engineering logged lower earnings per share (EPS) of 8.26 cents for the 1H20, down 4% from the 8.63 cents in 1H19.

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