ST Engineering shares jump as much as 4.1% on revenue increase, special dividend

[SINGAPORE] Shares of ST Engineering jumped as much as 4.1 per cent on Thursday (Nov 13) after an increase in its nine-month revenue.

The counter climbed S$0.34 to S$8.63 as at 9.17 am, after it reported a 9 per cent increase in revenue to S$9.1 billion on Wednesday.

ST Engineering’s shares had closed at S$8.29 before the results were announced.

The group had strong performances across all its three business segments, with the revenue increasing despite an impairment of S$667 million for iDirect Group, its satellite communications technology subsidiary.

The company also proposed a special dividend of S$0.05 per share in light of cash proceeds from recent divestments.