SIA Engineering Group posts profit of $139.3 million for 1st half 2011-12

SIAEC Group recorded a profit attributable to owners of the parent of $139.3 million for the first half ended 30 September 2011, an increase of $2.0 million or 1.5% compared to the corresponding period last year. This included a write-back of tax provision of $3.1 million. Share of profits from associated and joint venture companies increased by $0.7 million or 0.9% to $77.7 million, and accounted for 50.1% of the Group’s pre-tax profits. Operating profit decreased marginally by $1.9 million or 2.7% to $68.7 million as the impact of a weaker US dollar was mitigated by exchange gains of $8.6 million from hedging and the revaluation of net US dollar denominated assets. Revenue declined by $15.4 million or 2.7% primarily from lower revenue from materials. As a consequence, material costs were similarly lower, contributing to the $13.5 million or 2.7% reduction in expenditure.