SIAEC net profit up 5.5% in Q3

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SIA Engineering Co (SIAEC) has reported a 5.5% increase in its third quarter net profit for FY2012/13 to Singapore dollars (S$) 67 million ($54.7 million).

Revenue for the three months ended 31 December fell by 8.3% to S$278 million, mainly as a result of lower fleet management and project revenue, says SIAEC.

Total expenditure decreased by 10% to S$247 million, primarily because of the decrease in subcontract services, material costs and an exchange gain during the quarter.

Operating profit for the quarter grew by 9.9% year on year to S$31.2 million.

For the first nine months of its fiscal year, the company's net profit increased by 0.7% to S$204 million.

Revenue for the nine months ended 31 December grew by 1.1% to S$863 million, while total expenditure increased by 1.3% to S$766 million.

SIAEC recorded cash balances of S$430 million as of 31 December.

Looking ahead, SIAEC expects the group's core business to remain stable in the final quarter of FY2012/13. Prevailing uncertainties in the world's major economies will continue to affect the aviation industry, says SIAEC, adding that the company will maintain its focus on cost control and productivity improvements.