SIA Engineering posts group profit of $69.0m for 1st quarter 2013-14

SIAEC Group posted a profit of $69.0m, a decrease of $1.1m or 1.6% compared to the same quarter last year. Revenue decreased $11.1m or 3.7%, primarily due to lower material and fleet management revenue. Expenditure fell by $4.4m or 1.7%, mainly from decreases in subcontract and material costs. The resulting operating profit for the quarter was $27.7m, a decrease of 19.5%. Associated and joint venture companies turned in a strong 14.0% growth in contribution for the quarter. Share of profits before tax at $45.6m accounted for 58.0% of the Group’s pre-tax profits.