SIA Engineering reports fiscal 2Q net profit rose 21 percent

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SIA Engineering reported Friday its fiscal second quarter net profit increased 21.1 percent on-year to S$46 million amid higher revenue and lower expenses.

Revenue for the quarter ended 30 September rose 1.3 percent on-year to S$254.6 million, SIA Engineering said in a filing to SGX.

Maybank KimEng had forecast profit after tax and minority interests would come in at S$40 million.

Revenue from the airframe and line maintenance segment increased by S$4.6 million on-year, partly offset by a S$1.3 million decrease in revenue from the engine and component segment, the company said.

Expenditure slipped 2.08 percent on-year to S$235 million in the quarter on lower subcontract costs and a favorable exchange variance, the company said.

SIA Engineering declared a dividend of 3 Singapore cents a share, unchanged on-year.

For the fiscal first half, SIA Engineering reported net profit rose 11.6 percent on-year to S$87.6 million on revenure of S$512.7 million, up 0.7 percent on-year.

SIA Engineering issued a positive outlook.

“Our transformation efforts are translating into improvements in operating performance through reduced costs and better manpower utilization. In addition, our digital initiatives are gaining traction company-wide. These efforts better position us to meet the ongoing challenges of an uncertain and difficult operating environment,” the company said.

“We will continue to strengthen our portfolio of strategic joint ventures and alliances to sustain our growth as a trusted partner in global MRO,” it added.

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