SIA Engineering Q1 bottom line expands 10% to S$40.5m

AN increase in share of profits of associated and joint venture companies lifted results for SIA Engineering (SIAEC) in its first quarter.

Net profit grew 10.4 per cent to S$40.5 million from the year-ago period, the group said in a Singapore Exchange filing on Thursday evening.

Share of profits of associated and joint venture companies increased S$11.3 million or 53.6 per cent to S$32.4 million, contributed by an S$11.8 million increase in share of profits from the engine and component centres.

For the three months ended June 30, revenue sank 5.5 per cent to S$257.7 million from the year-ago period. The decrease in revenue was mainly due to lower airframe and fleet management revenue, it said.

Earnings per share increased to 3.62 Singapore cents from 3.28 Singapore cents in the preceding year. Net asset value per share edged up to S$1.381 as at June 30 from S$1.327 three months ago.

SIAEC shares ended one cent or 0.3 per cent higher at S$3.19 on Thursday.

Separately, the company also announced the effective retirement of Stephen Lee Ching Yen as non-executive chairman of the board, and the appointment of Tang Kin Fei as his replacement, following the conclusion of SIAEC's annual general meeting on Thursday.