SIA Engineering Group revenue for the third quarter of FY2021-22 increased 33.8% year-on-year to SG$140.0 million. The increase was largely driven by increase in transit handling-related revenue due to the higher number of flights handled. Expenditure increased at a higher rate of 42.8% to SG$147.8 million, mainly due to reduction in government wage support. Excluding the impact of government wage support, expenditure increased 12.4%.
Share of profits of associated and joint venture companies was SG$40.1 million, an increase of SG$27.8 million (+226.0%) year-on-year with higher contributions from the engine and component segment (+SG$22.4 million) and lower losses from the airframe and line maintenance segment (+SG$5.4 million). The increase for the engine and component segment was mainly due to a one-time writeback of tax provisions by certain associated companies. The increase for the airframe and line maintenance segment was mainly due to increase in flight activities.
Net profit was SG$33.2 million for the quarter ended December 31, 2021, an increase of SG$25.5 million year-on-year. Excluding government wage support and the one-time writeback of tax provisions, the Group would have been in a loss position of SG$7.0 million.
As of December 31, 2021, equity attributable to owners of the parent company was SG$1,598.0 million, an increase of SG$64.4 million (+4.2%) from March 31, 2021, mainly due to profits earned in the first nine months of the financial year.
Total assets of SG$1,835.2 million as of December 31, 2021, represented a SG$25.4 million (+1.4%) increase from March 31, 2021. The Group’s cash balance was SG$656.1 million with low borrowings. With recovery trajectory remaining uncertain, the Group continues to exercise prudence in its cash management. (£1.00 = SG$1.83 at time of publication).