ST Engineering Annual Report 2020

SECTORAL FINANCIAL REVIEW – LAND SYSTEMS (CURRENCY – SINGAPORE DOLLARS) INCOME STATEMENT 2020 2019 $’000 $’000 Revenue 1,440,638 1,457,644 Cost of sales (1,150,742) (1,177,170) Gross profit 289,896 280,474 Distribution and selling expenses 49,974 58,566 Administrative expenses 83,107 96,915 Other operating expenses 33,112 35,191 Profit from operations 123,703 89,802 Other income* 3,114 5,731 Other expenses (4,089) (4,422) Other expenses/income, net (975) 1,309 Finance income 2,144 1,807 Finance costs (9,166) (9,937) Finance costs, net (7,022) (8,130) Share of results of associates and joint ventures, net of tax (2,699) 5,579 Profit before taxation 113,007 88,560 Taxation (10,711) (11,459) Profit after taxation 102,296 77,101 Attributable to: Shareholder of the Company 101,380 77,310 Non-controlling interests 916 (209) 102,296 77,101 * 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 294