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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.

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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.