SIA Engineering Group posts profit of $270.1m for full year 2012-13

SIAEC Group posted a profit attributable to owners of the parent of $270.1m for the financial year ended 31 March 2013, an increase of $1.0m on or 0.4% over last year. Operating profit was $1.5m or 1.2% lower at $128.1m. Revenue was $23.2m or 2.0% lower, mainly due to lower fleet management and project revenue. Project revenue relates to the provision of services for the cabin interior reconfiguration of aircraft. Expenditure reduced by $21.7m or 2.1%, in tandem with the lower revenue. Subcontract costs in particular declined by $32.6m or 19.3%, but this was partially offset by higher staff costs. Share of profits from associated and joint venture companies was $2.3m or 1.5% higher at $159.2m, representing a contribution of 52.0% to the Group’s pre-tax profits.