SIA Engineering Q1 profit nosedives 81.8% to S$36.2m on absence of divestments

FIRST-QUARTER net profit for SIA Engineering Company (SIAEC) plunged 81.8 per cent to S$36.2 million, from S$198.4 million in the previous year, the group said in a Singapore Exchange filing on Tuesday evening.

The profit in the same quarter last year was much higher as it included a gain from the divestment of the group's 10 per cent stake in Hong Kong Aero Engine Services to Rolls-Royce Overseas and Hong Kong Aircraft Engineering.

Excluding the impact of the divestment in the year-ago quarter, profit for the current quarter of S$36.2 million was just 4.7 per cent lower than a year ago.

For the three months ended June 30, revenue edged up 0.4 per cent to S$272.8 million from the year-ago period.

Earnings per share sank to 3.24 Singapore cents from 17.67 Singapore cents in the preceding year. Net asset value per share crept up to S$1.413 as at June 30, 2017 from S$1.388 three months ago.

SIAEC shares finished S$0.18 or 4.4 per cent down at S$3.87 on Tuesday.