ST Aerospace released its third quarter results, which revealed its aircraft maintenance and engineering/material services groups increased revenue for the period (up 19.3% and 14.6% respectively), but its component/engine MRO group’s revenue dropped 5%.
If you look at the first nine months of the year, you’ll see a similar trend. The airframe and engineering/material services divisions are up 6.9% and 3.8%, and the component/engine MRO group is down 3.5%.
However, overall, ST Aero’s revenue for the period is up 9% compared to the same period last year, to S$508 million, and it increased 2% from the previous quarter this year.
Here’s an interesting tidbit: ST Aerospace attributes its higher engineering/material services revenue this quarter to project completions and “higher revenue from Maintenance-by-the-Hour program.” It also says the lower revenue from the component group is due to less revenue from the engine division and a weaker Euro.
What does it project for the full year? “Barring unforeseen circumstances, revenue for FY2012 is expected to be comparable to FY2011, whilst profit before tax for FY2012 is expected to be higher compared to FY2011.”