Home Capital Results

SIA Engineering Company reverses into black with FY2021/2022 earnings of $67.6 mil

Felicia Tan
Felicia Tan5/5/2022 08:08 PM GMT+08  • 2 min read
SIA Engineering Company reverses into black with FY2021/2022 earnings of $67.6 mil
FY2021/2022’s earnings per share (EPS) stood at 6.02 cents. Photo: SIAEC
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

See also: Hutchison Port Holdings reports 37.1% lower earnings of HK$1.10 bil for FY2022, DPU of 14.50 HK cents

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.

See also: Lendlease Global Commercial REIT announces DPU of 2.45 cents for 1HFY2023

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.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.