Singapore’s SIA Engineering (SIAEC) posted a steady operating profit for the three months ended 31 December, with marginal declines on both costs and revenues.

Revenue was down by 1.5% to S$252.1 million ($181.5 million), largely due to a decrease in airframe and line maintenance revenue. Expenditure declined 1.7% to S$236 million, a key reason being lower material costs. As a result, operating profit inched up by 1.3% to S$16.1 million.

The company’s share of profits from associated and joint venture companies more than doubled, from S$19.2 million in the year-ago period to S$39.6 million. This pushed net profit up by 63.1% to S$54 million.

For the nine months ended 31 December 2019, revenue was broadly steady at S$764.8 million, while expenses declined by 2.2% to S$711.4 million, pushing operating profit up by 42.8% to S$53.4 million. Net profit gained 26.9% to S$141.6 million.

Cash and cash equivalents as of 31 December 2019 stood at S$497 million, up from the S$471 million it had on the same date last year.

“The overall operating environment has become increasingly challenging because of the rapidly evolving novel coronavirus situation,” the company states in its outlook.

“We will stay focused on the implementation of our transformation initiatives to deliver improvements in the company’s operating performance.”

“We will work closely with our strategic joint ventures and alliances to drive sustainable growth for the Group, including the recently incorporated GE Aviation, Overhaul Services – Singapore, our engine overhaul joint venture with GE Aviation.”