SIA Engineering Group posts profit of $137.2m for first half 2012-13

SIAEC Group recorded a profit attributable to owners of the parent of $137.2m for the first half ended 30 September 2012, a decrease of $2.1m or 1.5%. Profit in the same period last year included a write-back of tax provision of $3.1m. Share of profits from associated and joint venture companies increased $1.1mi or 1.4% to $78.8m and accounted for 51.0% of the Group’s pre-tax profits. Revenue increased $35.0m or 6.4% to 585.0m. This was primarily attributable to revenue from materials, fleet management programme and line maintenance. Expenditure, at $519.0m, increased $37.7m or 7.8% mainly due to higher material cost, exchange loss, and higher subcontract and staff costs incurred to support the increase in workload. Operating profit decreased $2.7m or 3.9% to $66.0m. Performance for the current period was impacted by an exchange loss of $3.7m compared to an exchange gain of $8.6m in the last year.