ST Aerospace saw revenue shrink by four per cent to 517 million Singapore dollars ($367.7 million) in the second quarter, compared to the same period in 2014.
The shrinking revenue reflects the falls in income from ST Aerospace’s business functions, aircraft maintenance and component and engine repair and overhaul for the quarter and the first half of the year.
Only engineering and material sciences saw an increase for the first six months with a 12.5 per cent hike. In ST Aerospace’s different markets, the US faired the worse with a 13.5 per cent fall. Europe did best with an 84.6 per cent increase. But, the company’s revenues outside of Asia, the US and Europe, fell 24.1 per cent.
The results follow the June announcement at the Paris Air Show of the Airbus A320 family passenger to freighter (P2F) programme, which ST Aerospace is a partner in. In last week’s financial announcement, ST Aerospace says: “We remain focused on our freighter conversions strategy as we added A320, A321P2F to our conversion portfolio.”
With 517 million Singapore dollars revenue, ST Aerospace made a second quarter profit before tax of 70.6 million.