ST Engineering Annual Report 2020

2020 2019 $’000 $’000 Revenue 710,718 647,151 Cost of sales 641,870 540,205 Gross profit 68,848 106,946 Distribution and selling expenses (10,398) (9,735) Administrative expenses (35,082) (31,853) Other operating expenses (9,002) (8,966) Profit from operations 14,366 56,392 Other income* 3,984 6,506 Other expenses (30) (83) Other income, net 3,954 6,423 Finance income 3,072 3,782 Finance costs (5,039) (5,693) Finance costs, net (1,967) (1,911) Share of results of associate and joint ventures, net of tax 474 (75) Profit before taxation 16,827 60,829 Taxation 11,467 (9,287) Profit after taxation 28,294 51,542 * 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 – MARINE (CURRENCY – SINGAPORE DOLLARS) INCOME STATEMENT / ST ENG I NEER I NG 298