SIAEC posts 20.2% fall in Q2 profit

SIA Engineering Co (SIAEC) on Tuesday reported a 20.2 per cent year-on-year slide in net profit to S$35.5 million for the second quarter ended Sept 30, 2016.

Profit for the same quarter last year included a S$2.8 million gain arising from the partial disposal of an associated company, and a S$1.5 million dividend from Hong Kong Aero Engine Services Ltd (HAESL).

Revenue dipped by 0.5 per cent to S$264.8 million

Earnings per share were 3.17 Singapore cents for the quarter under review, down from 3.96 cents a year ago.

The company has declared an interim dividend of four Singapore cents per share, versus six Singapore cents previously.

For the half-year period, net profit rose to S$233.9 million, underpinned by a S$178 million gain from the divestment of its stake in HAESL. This was up from S$85.8 million in the corresponding six months a year prior.

Revenue for the half-year period dipped from S$543.3 million to S$536.4 million due to lower fleet management revenue.