ST Engineering has reported a 3% increase in its third-quarter net profit from a year earlier, partly due to a writeback, and said it expects its full-year performance to be comparable to 2010, reported Reuters.

ST Engineering earned $133.8 million in the three months ended September, up from $130.2 million a year ago, partly due to the write-back of allowance for inventory obsolescence.

“The group continues to secure orders and grow its order backlog to $11 billion at the end of the quarter despite the challenging environment,” ST Engineering president and CEO Tan Pheng Hock said in a statement.

The company added that barring unforeseen circumstances, it expects to achieve revenue and profit before tax for 2011 fiscal year which are comparable to a year earlier.

Source: The Edge Singapore