SIA Engineering Q4 net profit rises 10.9% to S$45.9m

SIA Engineering's net profit grew 10.9 per cent to S$45.9 million in its fourth quarter from the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended March 31, revenue crept up 0.4 per cent to S$295.4 million from the previous year.

For the full year, net profit was S$332.4 million, a surge of 88.2 per cent following gain from its divestment of its 10 per cent stake in Hong Kong Aero Engine Services Ltd (HAESL) to Rolls-Royce Overseas Holdings Ltd and Hong Kong Aircraft Engineering Company Ltd.

The group also received a special dividend of S$36.4 million from HAESL following the divestment of its 20 per cent stake in Singapore Aero Engine Services Ltd to Rolls-Royce Singapore, bringing the overall gain from divestment to S$178 million.

Revenue for the full year declined by 0.8 per cent to S$1.1 billion as fleet management revenue dropped, but it was partially offset by higher line maintenance revenue.

Earnings per share for Q4 increased to 4.09 Singapore cents from 3.69 Singapore cents in the previous year. Net asset value per share crept up to 138.8 Singapore cents as at March 31, from 132.4 Singapore cents a year ago.

SIA Engineering shares finished at S$3.93, lower by S$0.02 or 0.506 per cent, on Friday.