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SIA Engineering claims strong rise in quarterly profit

Singapore's SIA Engineering boosted operating profit 73% in its fiscal second quarter, to S$19.6 million ($14.4 million).

Costs fell 2% for the three months ended 30 September, to S$235 million. The MRO provider cites lower subcontract costs and a favourable exchange variance.

Revenue increased 1.3% to S$255 million, despite a decrease of S$1.3 million in revenue from its engine and component segment. Net profit was up 19% at S$45.6 million.

SIAEC says in its outlook that its transformation efforts – to reduce costs and better utilise manpower – are starting to bear fruit. These will "better position us to meet the ongoing challenges of an uncertain and difficult operating environment", it predicts.

The company adds: "We will continue to strengthen our portfolio of strategic joint ventures and alliances to sustain our growth as a trusted partner in global MRO."

Across the six months ended 30 September, SIAEC saw operating profit rise 74% to S$37.3 million.

Revenue edged up 0.7% to S$513 million. This was driven by the airframe and line maintenance segments. Costs meanwhile went down 2.5% to S$475.4 million.

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