SIA Engineering’s fiscal 4Q net profit fell 12 percent

Airport departure boardAirport departure board

SIA Engineering reported Friday its fiscal fourth-quarter net profit fell 12.3 percent on-year to S$49.3 million on a year-earlier divestment gain from the sale of Asian Compressor Technology Services.

Revenue for the quarter ended 31 March fell 7.4 percent on-year to S$256.0 million on lower fleet management activity, the company said in a filing to SGX.

Line maintenance revenue also fell due to a line maintenance subsidiary being divested in the fiscal third quarter, it said.

The share of profit of associated and joint venture companies, net of tax, rose 29.2 percent on-year to S$32.3 million

For the full year, SIA Engineering reported net profit fell 13.9 percent on-year to S$160.9 million, on revenue of S$1.02 billion, down 6.8 percent on-year.

In its outlook, SIA Engineering pointed to challenges in the maintenance, repair and operations, or MRO, industry, and to expectations it revenue will be impacted by the unexpected grounding of some customers’ aircraft.

 

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