The SIAEC Group posted a profit attributable to equity holders of $56.0 million, a decrease of $7.0 million or 11.1% over the corresponding period last year. Revenue at $241.5 million was lower by $28.5 million or 10.6%, due to a drop in airframe maintenance and component overhaul work against the backdrop of a continued reduction in aircraft utilization. Revenue for the same period last year also benefited from the turnkey project to redesign, retrofit and overhaul a B747-400. These decreases were partially mitigated by higher Fleet Management Programme revenue from the addition of new customers and a larger fleet size of existing customers.
The implementation of various cost management initiatives saw expenditure drop $20.9 million or 8.7% to $219.7 million, mainly from reductions in staff and subcontract costs. The resulting operating profit of $21.8 million was $7.6 million or 25.9% lower than the same period last year. Share of profits of associated and joint venture companies decreased by $8.2 million or 19.6% to $33.7 million.
