SIA Engg hit by rising costs, competition

Singapore

SIA Engineering Company (SIAEC) reported a near 41 per cent year-on-year slump in net profit to S$42.1 million for the second quarter ended Sept 30, partly due to declining share of profits from associated and joint venture companies.

Revenue was lower for the three months by 3 per cent at S$285.2 million as lower airframe and component overhaul revenue was offset in part by higher fleet management revenue. Earnings per share for the quarter worked out to 3.75 Singapore cents, down from 6.39 cents a year ago.