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ST Marine improves Q1 earnings

ST Marine improves Q1 earnings
ST Marine, the marine arm of ST Engineering, improved its financial results in the first quarter ended 31 March 2014.

Net profit during the quarter rose 20.7% year-on-year to SGD25.1m ($20.1m) as a result of higher revenue.The revenue of SGD323m was higher than SGD254m in the previous corresponding quarter due mainly to higher shipbuilding activities from local operations.

ST Marine provides turnkey shipbuilding services as well as ship repair services for both naval and commercial offshore vessels.