SIA Engineering posts profit of S$78.5 million for first half FY 2018-19

SIAEC Group has recorded a profit attributable to owners of the parent of S$78.5 million for the half year ended 30 September 2018.

Revenue of S$509.0 million saw a decrease of S$38.5 million or 7.0%, mainly from lower airframe and fleet management revenue. Expenditure came down by S$21.2 million or 4.2%, mainly from lower material and subcontract services costs, as well as an exchange gain of S$1.7 million compared to an exchange loss of S$2.8 million in the corresponding period last year. Operating profit at S$21.5 million was S$17.3 million or 44.6% lower.

Share of profits of associated and joint venture companies increased S$18.4 million or 41.8% to S$62.4 million, with the engine and component centres contributing S$62.1 million, an increase of S$18.0 million or 40.8%, while the airframe and line maintenance segment earned a profit of S$0.3 million, a turnaround from a S$0.1 million loss incurred in the same period last year.

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