ST Engineering Annual Report 2020

SECTORAL FINANCIAL REVIEW – ELECTRONICS (CURRENCY – SINGAPORE DOLLARS) INCOME STATEMENT 2020 2019 $’000 $’000 Revenue 2,319,222 2,364,646 Cost of sales (1,651,306) (1,722,367) Gross profit 667,916 642,279 Distribution and selling expenses (114,817) (117,347) Administrative expenses (234,329) (220,198) Other operating expenses (74,018) (80,795) Profit from operations 244,752 223,939 Other income* 10,618 11,353 Other expenses (762) (25) Other income, net 9,856 11,328 Finance income 1,913 4,695 Finance costs (20,576) (22,234) Finance costs, net (18,663) (17,539) Share of results of associate and joint ventures, net of tax (6,587) (1,445) Profit before taxation 229,358 216,283 Taxation (23,832) (32,984) Profit after taxation 205,526 183,299 Attributable to: Shareholder of the Company 203,887 183,323 Non-controlling interests 1,639 (24) 205,526 183,299 With effect from 1 January 2020, Miltope Corporation was re-organised from Others into Electronics sector and comparatives were restated in conformance with current year classification. * 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. / ST ENG I NEER I NG 290