ST Engineering says it has posted a 9% rise in turnover to $1,469 million for 4Q2009 compared to 4Q2008.

The engineering group which also manufactures weapon systems, says all sectors did well in 4Q2009 with Aerospace, Electronics and Land Systems achieving double-digit PATMI growth.

In 4Q2009, profit attributable to shareholders grew 27% to $129.7 million compared while PBT was marginally lower at $146.9 million.

For FY2009, the group reported 4% growth in its turnover to $5,548 million and PBT increased slightly to $546.6 million. PATMI was lower by 6% at $443.9 million, compared to FY2008.

The Electronics and Marine sectors reported higher turnover, the Aerospace sector had comparable turnover, while the Land Systems sector had lower turnover compared to FY2008.

The higher turnover in the Electronics sector is largely attributable to milestone completions of several projects including MRT projects in Singapore, Taiwan, Guangzhou and Bangkok, the Integrated Resort project, software system and simulator projects as well as sales of satellite communications products.

The Marine sector recorded higher shipbuilding turnover due to favourable sales mix in both the Singapore and US operations.

Despite the lower turnover, the Land Systems sector’s PBT was 13% higher than FY2008 due mainly to better product mix.

The Electronics and the Marine sectors registered PBT growth of 23% and 36% respectively.

PBT of the Aerospace sector was 16% lower compared to FY2008 because of fewer MD11 freighter conversion deliveries and the absence of investment income, but these were partially offset by more 757 freighter conversion deliveries.

Earnings per share decreased by 7% to 14.78 cents and economic value added lowered by 15% to $304.8 million. The group’s return on equity (ROE) remained at a respectable 28.3%.

For the full year, commercial sales constituted 62% or $3.4 billion of the group’s turnover. Cash and cash equivalents and short term investments stood at $1.75 billion, including customer advance payments of $1.34 billion.

ST Engineering is proposing a final dividend of 10.28 cents per share, consisting of an Ordinary Dividend of 4.00 cents per share and a Special Dividend of 6.28 cents per share.

Together with the interim Ordinary Dividend of 3.00 cents per share paid in September 2009, the total dividend of 13.28 cents translates to a yield of 4.72%, computed using the average closing share price of the last trading day of 2009 and 2008.

ST Engineering continued to strengthen its order book in 2009 and ended the year with a healthy order book of $10.3 billion, of which about $3.7 billion is expected to be delivered in 2010.

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