SIAEC Group has recorded a profit attributable to owners of the parent of SG$74.3mi or the half year ended 30 September 2017. The results for the same period last year included a gain from the divestment of the Group’s 10% stake in Hong Kong Aero Engine Services Ltd (HAESL) to RollsRoyce Overseas Holdings Limited (RROH) and Hong Kong Aircraft Engineering Company Limited (HAECO). Excluding the impact of the divestment, profit for the current period of SG$74.3m was SG$0.8m or 1.1% higher. After including the impact of the divestment, profit for the current period was SG$159.6m or 68.2% lower.
Revenue at SG$547.5m was higher by SG$11.1m or 2.1%, with increase in line maintenance revenue offset in part by lower fleet management revenue. Expenditure at SG$509.9m was lower by SG$3.6m or 0.7%. Staff costs were lower mainly due to the absence of the provision made for the profit-linked component of staff remuneration arising from the gain on divestment last year, offset by annual salary increments and increase in headcount at subsidiaries. Operating profit of SG$37.6m was SG$14.7m or 64.2% higher. Excluding the profit-linked component of staff remuneration arising from the gain on divestment last year, operating profit was SG$6.6m or 14.9% lower.
Share of profits of associated and joint venture companies increased SG$6.1m or 16.1% to SG$44.0m, with higher contributions from most associated companies, in particular from Eagle Services Asia Private Limited as the work content of its engines shipped was higher. This was partially offset by lower contributions from Singapore Aero Engine Services Pte Ltd.
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Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada