ST Engineering Annual Report 2020

2020 2019 $’000 $’000 Revenue 2,715,700 3,455,022 Cost of sales (2,231,140) (2,850,633) Gross profit 484,560 604,389 Distribution and selling expenses (41,010) (72,020) Administrative expenses (160,617) (151,129) Other operating expenses (86,028) (66,903) Profit from operations 196,905 314,337 Other income* 6,721 13,965 Other expenses (2,737) (7,439) Other income, net 3,984 6,526 Finance income 6,348 14,018 Finance costs (39,261) (40,336) Finance costs, net (32,913) (26,318) Share of results of associates and joint ventures, net of tax 34,501 38,227 Profit before taxation 202,477 332,772 Taxation (8,351) (48,914) Profit after taxation 194,126 283,858 Attributable to: Shareholder of the Company 192,898 268,896 Non-controlling interests 1,228 14,962 194,126 283,858 * Government grants in the prior year were reclassified from other income to underlying expenses in cost of sales and operating expenses in conformance with current year classification. SECTORAL FINANCIAL REVIEW – AEROSPACE (CURRENCY – SINGAPORE DOLLARS) INCOME STATEMENT / ST ENG I NEER I NG 286