SIA Engineering Group posts profit of S$52.6m for 3rd quarter

The Group posted a profit attributable to owners of the parent of S$52.6m for the third quarter of FY2016-17, an increase of S$3.2m or 6.5%. Profit this quarter included a S$2.3m gain on the partial disposal of an associated company, while the same quarter last year was impacted by provisions for closure costs and impairment of two associated companies. Operating profit of S$25.2m was S$3.8m or 13.1% lower than the same quarter last year. Revenue of S$272.3m saw a decrease of S$2.9m or 1.1%, mainly from lower fleet management and airframe and component overhaul revenue, mitigated in part by higher line maintenance revenue. Expenditure at S$247.1m icreased at a lower rate of 0.4% or S$0.9m as the current quarter benefitted from an exchange gain of S$4.8m, while increases in staff costs were mitigated by lower subcontract costs. For the quarter, share of profits of joint venture companies was S$14.3m, S$3.2m lower than the same quarter last year. However, contributions from associated companies increased by S$1.6m or 10.2% to S$17.3m.