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SIA Engineering Q2 profit slips, operating environment remains "challenging"

SIA Engineering's net profit slipped to S$38 million for its fiscal second quarter ended Sept 30, 2018, from S$38.6 million the year before. 

This comes as its revenue for the period declined to $251.3 million, from $274.7 million, which was due mainly to lower airframe and fleet management revenue, the aircraft maintenance, repair and overhaul services company said on Thursday.

Its operating profit was down 43.8 per cent to S$11.3 million.

Its earnings per share for the quarter just ended was 3.39 cents, down from 3.44 cents the year before.

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SIA Engineering declared dividends of three Singapore cents per ordinary share. For the same period last year, it paid out dividends of four Singapore cents per ordinary share.

Looking ahead, the company said that it expects its operating environment to remain challenging, "with longer maintenance intervals and lighter work content arising from new-generation aircraft".It added that it expects the engine and component businesses of some of its major joint ventures and associated companies to continue to contribute positively to its bottom line.

SIA Engineering shares finished on Thursday two Singapore cents down at S$2.91.