SIAEC Q1 earnings dive in absence of divestment gain

Singapore

FIRST-QUARTER group revenue held steady at SIA Engineering Company (SIAEC), creeping up 0.4 per cent year-on-year to S$272.8 million. But net profit attributable to equity owners for the three months ended June 30, 2017, plunged 81.8 per cent to S$36.2 million, from S$198.4 million for the year-ago quarter, which saw S$178 million in divestment gain.

This divestment gain comprised S$141.6 million - from the sale of its 10 per cent in Hong Kong Aero Engine Services Ltd (HAESL) to Rolls-Royce Overseas Holdings and Hong Kong Aircraft Engineering Company - and a special dividend of S$36.4 million from HAESL's disposal of a stake in Singapore Aero Engine Services.