SIAEC Group post full year net profit of $269.1m

SIAEC Group posted a profit attributable to owners of the parent of $269.1m for the financial year ended 31 March 2012, an increase of $10.6m or 4.1% over last year. Share of profits from associated and joint venture companies was $12.5m or 8.7% higher at $156.9m, representing a contribution of 51.8% to the Group’s pre-tax profits. Performance in FY2011-12 included a write-back of tax provision of $3.1 million arising from a change in the tax rules relating to an overseas associated company during the year. Revenue grew by $63.0m or 5.7% to $1,169.9m. This was primarily contributed by higher fleet management programme revenue with an increase in fleet size, more airframe and component overhaul work and a cabin interior reconfiguration project for four B777-300. Expenditure at $1,040.3m was $69.1m or 7.1% higher, mainly due to higher subcontract and staff costs to support the increase in workload. The resulting operating profit of $129.6m was $6.1m or 4.5% lower compared to previous financial year.