SIA Engineering posts 63.1% rise in Q3 net profit of S$54m.
SIA Engineering on Friday said its third-quarter net profit surged 63.1 per cent to S$54 million, helped by contributions from associated and joint-venture companies.
This came despite revenue dipping 1.5 per cent to S$252.1 million, weighed down by a decline in airframe and line maintenance revenue. Expenditure also dropped 1.7 per cent year-on-year to S$236 million, primarily due to lower material expenses, resulting in a largely flat operating profit for the quarter.
Better performance was seen from the group's associated and joint-venture companies instead. The share of profits from its associates tripled from S$9.6 million previously to S$27.8 million, while the share of profits from its joint-venture company was up 22.9 per cent to S$11.8 million. Basic earnings per share for the quarter ended Dec 31, 2019 stood at 4.82 Singapore cents, up from 2.95 cents in the preceding year.
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