On Feb. 17, Singapore Technologies Engineering (ST Engineering) announced that its net profit in full year 2008 dropped 6 percent over a year ago.

The country's leading aircraft repair company said in a statement that its net profit dropped to S$473.6 million (about US$310 million) by the end of 2008, compared to S$503.5 million (US$329 million) a year ago.

But the company said its turnover in 2008 grew 6 percent to S$5,345 million (about US$3,497 million), and it ended 2008 with a high order book of S$10.6 billion (about US$6.9 billion).

"A strong order book affords the Group the operating leverage to weather an uncertain 2009," said Tan Pheng Hock, president and CEO of ST Engineering, but he added that a drastic deterioration in the operating environment would also affect the company's performance.