SIA Engineering Group 3rd quarter profit up 5.5% to $67.0m

SIAEC Group posted a profit attributable to owners of the parent of $67.0m for the quarter ended 31 December 2012, which was $3.5m or 5.5% higher than the corresponding quarter last year. Revenue decreased $25.2m or 8.3%, mainly from lower fleet management and project revenue. However, expenditure fell by $28.0m or 10.2%, primarily from decreases in subcontract services, material costs, and an exchange gain during the quarter. Consequently, operating profit improved by $2.8m or 9.9% compared to the same quarter last year. Share of profits from associated and joint venture companies was $40.0m, representing a contribution of 52.7% to the Group’s pre-tax profits.