SIAEC Group posts profit of $265.7m for financial year ended March 31st, 2014.

SIAEC Group posted a profit of $265.7m for the financial year ended March 31st, 2014. Revenue grew by $31.5m or 2.7%, mainly due to an increase in line maintenance and airframe and component overhaul work, while expenditure increased $44.0m or 4.3%. As aresult, operating profit was $12.5m or 9.8% lower at $115.6m. The increase in expenditure came mainly from higher staff costs, subcontract and material costs. Performance for the year was also impacted by an exchange loss of $3.6m as compared to a gain of $1.2m last year. Associated and joint venture companies showed steady growth, as share of profits increased $12.5m or 8.3% to $162.6m. This represented 61% of the Group’s net profit. The main contributors were the engine repair and overhaul centres which accounted for $125.0m of the share of profits, an increase of $12.4m or 11.0% from last year. As of March 31st, 2014, equity attributable to owners of the parent of $1,360.9m was $59.0m or 4.5% higher than of March 31st, 2013. Total assets increased by $74.4m or 4.6% to $1,707.1m at the end of FY2013-14. The cash balance of the Group as of March 31st, 2014, amounted to $535.7m.