ST engineering aerospace results:
There was impairment losses on an associate. The CEO mentioned there is some restructuring of operations at Europe, and so I assume the impairment comes from Europe.
Looking at the segment results, it is not difficult to pinpoint the problem.
It is the component/ engine repair and overhual segment that saw the plunge in profits, the actual same segment that overlapped with SIA engineering.
Personally, I think we cannot use one quarter of results to assume worse to come for SIA engineering, but I think it is a bit of stretch to lump ST with SIA engineering together.
This segment forms only 30% of ST aerospace revenue, the rest of the segment show more nuance fall in profitability. In terms of geography, Europe form less than 10% of revenue. Further dilute this with the Electronics, Marine, and Land System segment, you get to sleep soundly. I …