By Yifan Wang
Singapore Technologies Engineering Ltd. (S63.SG) reported an 18% increase in net profit for the second quarter due to the better performance of its marine operations.
Second-quarter net profit was S$138.2 million (US$99.9 million), compared with S$117.5 million in the same period last year, the engineering company said Wednesday.
The marine business was the main driver of profit growth, as the segment's shipbuilding operations in the U.S. improved, it said.
Revenue rose 8% to S$1.78 billion, with commercial sales contributing 71% of the total and the defense business making up the rest.
The company declared an interim dividend of 5.0 Singapore cents a share, the same as a year ago.
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