SIA Engineering Company (SIAEC) has reported earnings of $67.6 million for the FY2021/2022 ended March, reversing into the black from the loss of $11.2 million for the FY2020/2021.
For the 2HFY2021, the company saw earnings of $42.6 million, 5.5 times higher than the earnings of $7.8 million in the corresponding period the year before.
The better performance was attributed to the gradual recovery of flight activities during the year, with a faster pace of recovery in the second half.
FY2021/2022’s earnings per share (EPS) stood at 6.02 cents.
EPS for the 2HFY2021/2022 stood at 3.79 cents.
SIAEC’s revenue for the FY2021/2022 increased by 27.8% y-o-y to $566.1 million, mainly due to a higher number of flights handled.
Group expenditure grew at a lower rate of 25.6%, mainly due to the lower wage support from the government, as well as an increase in payroll costs.
The group consequently incurred a lower operating loss of $21.8 million, from the $25.0 million in operating loss the year before.
Share of profits from associated and joint venture companies improved by 98.2% y-o-y to $79.1 million. This was largely due to a one-time write-back of tax provisions by certain associated companies, compared to a one-time tax charge the year before.
In the 2HFY2021/2022, SIAEC’s revenue increased by 37.5% y-o-y to $302.6 million. Group expenditure had increased at a higher rate of 45.9% to $317.7 million.
Operating loss for the half-year period stood at $15.1 million compared to the operating profit of $2.2 million in the same period the year before.
Share of profits of associated and joint venture companies was $52.3 million.
As at March 31, cash and cash equivalents stood at $625.5 million.
Total assets stood at $1.84 billion, up 1.6% y-o-y as at March 31, while net asset value (NAV) per share was 143.5 cents.
Shares in SIAEC closed flat at $2.66 on May 5.