ST Aerospace cited “sporadic reduction of work by customers” and “strong competition” as effects of the industry downturn which saw it post a net profi t for the first half of 2009 down 39 per cent year-on-year to S$60.9 million (US$42.5 million).

Quarter-on-quarter the result was up 53 per cent on a 9 per cent rise in revenue, in the second quarter, compared to the first. More Boeing 757 freighter conversion redeliveries and completions for its engineering and materials services contributed to the growth.

Second quarter revenue reached S$498.8 million, which propelled revenue for the first half of the year to S$957.9 million.