SIAEC net profit up 4.1% in FY2011/2012

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SIA Engineering Co (SIAEC) has reported a 4.1% increase in its net profit for the fiscal year 2011/2012.

It reported a net profit of Singapore dollars (S$) 269 million ($215 million) for the fiscal year ending 31 March, compared with S$259 million in the same period a year ago.

Revenue rose by 5.7% from S$1.11 billion to S$1.17 billion, primarily because of higher fleet management programme revenue as a result of an increase in fleet size, more airframe and component overhaul work and a cabin interior reconfiguration project for four Boeing 777-300 aircraft.

Total expenditure grew by 7.1% to S$1.04 billion, mainly resulting from higher subcontract and staff costs to support the increase in workload.

Operating profit for the year declined by 4.5% year on year to S$130 million.

SIAEC recorded cash balances of S$498 million as at 31 March, says the company.

For the fiscal fourth quarter, the company's net profit amounted to S$66.3 million, an increase of 8.9% over the same quarter last year.

Revenue grew by 16.4% to S$317 million, compared with S$272 million in the fiscal fourth quarter last year.

Operating profit for the quarter improved by 6.2% to S$32.5 million as revenue growth of S$44.5 million was partially offset by a corresponding increase of S$42.6 million in expenditure.

As part of its outlook, SIAEC said demand for its core businesses is expected to remain stable in the near term. Cost and efficiency management will continue to be key priorities.