SIAEC net profit up 5.3% in fiscal third quarter

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SIA Engineering Co (SIAEC) has reported a 5.3% increase in its fiscal third-quarter net profit of 2011/12.

It reported a net profit of Singapore dollars (S$) 63.5 million ($50.5 million) for the quarter ended 31 December 2011, compared with S$60.3 million in the same quarter a year ago.

Revenue rose by 12.6% from S$270 million to S$303 million, primarily attributable to higher fleet management programme revenue and an increase in airframe and component overhaul work. Total expenditure grew by 17.0% to S$275 million.

Operating profit for the quarter declined by 17.7% year on year to S$28.4 million.

SIAEC recorded cash balances of S$388 million as at 31 December 2011, added the company.

As part of its outlook, SIAEC said demand for its core businesses is expected to be maintained, despite volatility in the global economy.