ST Aerospace's new contract wins crashed 35% to $298m in Q1

Compared to $460m in Q1 2014.

ST Aerospace today reported that it bagged a $298m worth of new contracts in the first quarter, considerably lower than the $460m worth of new contracts that it clinched in the same quarter last year.

Included in its 1Q2015 contracts is a five-year Maintenance-By-the-Hour (MBH™) agreement signed with an existing Asia-based airline customer, operating a fleet of Boeing 737NG aircraft.

Additionally, a contract was sealed with an international airline for heavy maintenance of six Boeing 767 and 777 aircraft. The first aircraft was inducted in March 2015, with project completion of the entire fleet scheduled for mid 2015.

In 1Q2015, the aerospace sector redelivered a total of 250 aircraft for airframe maintenance and modification work. In addition to airframe redeliveries, a total of 11,332 components, 49 landing gears and 48 engines were processed, while 1,631 engine washes were conducted for both commercial and military customers.