SIAEC Group has posted full year 2018-19 results. Revenue was S$1,020.9 million, a decrease of S$74.0 million or 6.8%, mainly due to a decline in airframe and fleet management revenue. Expenditure at S$964.1 million was lower by S$52.0 million or 5.1%, largely due to a reduction in material and subcontract costs in line with the lower workload. Operating profit at S$56.8 million was S$22.0 million or 27.9% lower year-on-year. Share of profits of associated and joint venture companies increased by S$4.1 million or 3.7% to S$113.9 million.
Notwithstanding a one-time tax charge and an upward revision in tax provision by certain engine and component centres in FY2018-19, contributions from the engine and component segment increased S$5.5 million, to S$115.4 million. This was partially offset by a S$1.4 million decrease in contributions from the airframe and line maintenance segment. Profit attributable to owners of the parent was S$160.9 million for the financial year ended 31 March 2019, a decrease of S$25.9 million or 13.9%. Profit last year included a S$15.0 million gain on the sale of the Group’s shares in an associated company, Asian Compressor Technology Services Company Limited (ACTS).
