SIAEC's Q3 net down 9.7% on higher costs

SIA Engineering Company (SIAEC) saw its net profit for the third quarter ended Dec 31, 2013, decline 9.7 per cent year-on-year to $60.5 million, due in part to higher costs.

Revenue edged up 2 per cent to $283.8 million, although expenditure grew at a faster pace, increasing 4.7 per cent to $258.6 million, on the back of higher staff costs, subcontract and material costs. This caused operating profit to drop $6 million to $25.2 million. There was also a smaller exchange gain of $0.1 million in the quarter under review versus a gain of $1.6 million in the third quarter of last year.

Share of profits from associated and joint venture companies rose 2.5 per cent year-on-year to $41 million.