Singapore Technologies Engineering Ltd (SGX: S63), or STE, is riding on growth tailwinds to post a set of better earnings for its fiscal 2022’s first half (1H2022). The engineering, technology and defence group reorganised itself in late 2020 and laid down a new five-year growth plan during its Investor Day in November last year. It seems that this plan is bearing fruit, judging by the performance of STE’s various divisions for 1H2022. The group has also won new contracts after integrating last October’s TransCore acquisition and expects the smart city player’s cash flow for its first year to be positive. Here are several key highlights from the engineering giant’s 1H2022 results. 1. A better overall financial performance Revenue for STE grew 17% year on year to S$4.3 billion for 1H2022. Operating profit rose 8% year on year to S$384.6 million despite the absence of COVID-19 government grants. However, finance costs more than doubled year on year to...