Despite reporting steady increases in revenue this year, ST Engineering’s commercial aerospace division admits it has yet to fully recover to pre-pandemic levels.
Business Update reports 25% year-on-year revenue growth of 25% to S$2.2 billion ($1.6 billion), supported by growth across all segments, including MRO and conversions, in the nine months to 30 September It has been.
ST Engineering says there is still demand for nacelle work as well as engine and component MRO work.
Passenger to freighter conversion demand is also strong, with slots reserved until 2026. [the] learning curve],” he adds. The company undertakes conversion work for various platforms, including the Airbus A321/A320P2F and A330P2F programs.
Commercial Aerospace revenue for the three months to 30 September increased 28% year-on-year to approximately S$776 million. It’s also his third straight quarter of revenue growth.
The commercial aerospace division won S$1 billion in new contracts during the same period, bringing year-to-date contract value to approximately S$3 billion.
Still, Singapore-based ST Engineering noted that its aerospace business “has not fully recovered to pre-Covid-19 levels”, with air travel demand now at pre-pandemic levels of around 74%. It points out that it remains at %.