STIC revises earnings

STIC revises earnings

SINGAPORE (Reuter): Singapore Technologies Industrial Corp said yesterday it had revised its earnings growth downwards to 10 percent from 15 percent previously.

An official said at the group's interim results press conference that earnings growth for the first half was affected mainly by an outbreak of malaria in Bintan, Indonesia which hurt their hotel operations.

It was also affected by the Thai baht devaluation which dragged down profits at its unit ST Capital.

But in the long term, the group is confident of a compounded annual growth rate of 20-25 percent, the official said.