SIAEC Group recorded a profit attributable to owners of the parent of SG$184.1m for the financial year ended 31 March 2018.
Profit last year included a gain from the divestment of the Group’s 10% stake in Hong Kong Aero Engine Services (HAESL) to Rolls-Royce Overseas Holdings Limited (RROH) and Hong Kong Aircraft Engineering Company Limited (HAECO). Excluding the impact of this divestment, profit for the current financial year of SG$184.1 million was SG$12.1 million or 7.0% higher. After including the impact of this divestment, profit was lower by SG$148.3 million or 44.6% compared to the last financial year.
Revenue at SG$1,094.9 million was 0.8% or SG$9.2 million lower year-on-year, mainly from lower fleet management revenue. Expenditure at SG$1,018.5 million was lower by SG$13.6 million or 1.3%, mainly due to decrease in staff and subcontract costs, offset partially by an exchange loss of SG$6.5 million compared to a SG$5.5 million exchange gain last year. The decrease in staff costs was due mainly to the absence of the provision made for the profit-linked component of staff remuneration arising from the gain on HAESL divestment last year, offset by annual salary increments and increase in headcount at subsidiaries.
Operating profit of SG$76.4 million was SG$4.4 million or 6.1% higher year-on-year. Excluding the profit-linked component of staff remuneration arising from the gain on divestment last year, operating profit was lower by SG$16.9 million or 18.1%.
