SINGAPORE'S leading defence manufacturer said on Tuesday that its diversified businesses across different sectors and countries will help it weather the stormy skies ahead.
But ST Engineering chief executive Tan Pheng Hock cautioned that 2009 will be a volatile year where there is a 'risk of protectionism... and the market can surprise on the negative side'.
'We have to be prepared for that outcome, which is beyond our control,' he added.
The group has no plans for any layoffs in its Singapore operations, said Mr Tan.
'It's difficult to predict what will happen in 2009, but it's not in the plan.' he said
He said the group is always reviewing overseas operations but stated that ST Engg will be 'sensitive about the impact on the workforce'.
The firm previously reported a reduced headcount of 350 in the United States as part of its 'right-sizing' exercise, said Mr Tan.
He added that the company will use 'this opportunity to recruit selective talent that is missing, but this won't be in big numbers'.
ST Engg yesterday posted a 6.6 per cent drop in full-year profit to $488.7 million. Total revenue rose by 5.8 per cent to $5.34 billion.
Three of the group main sectors - aerospace, electronics and land systems - reported higher turnover but the marine division recorded lower ship-building revenue.
In terms of sales, the electronics arm was the best performer, rising 12 per cent to $1.14 billion, but it slid 19 per cent in profit to $93.9 million due to impairment losses.
- The Straits Times
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