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SIA Engineering posts 10.4% rise in 1Q earnings to $40.5 mil on higher share of profits

PC Lee
PC Lee7/19/2018 10:45 PM GMT+08  • 2 min read
SIA Engineering posts 10.4% rise in 1Q earnings to $40.5 mil on higher share of profits
SINGAPORE (July 19): SIA Engineering recorded earnings of $40.5 million for the 1Q ended June, an increase of 10.4% from a year ago, mainly from an increase in share of profits of associated and joint venture companies, partially offset by a decrease in o
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SINGAPORE (July 19): SIA Engineering recorded earnings of $40.5 million for the 1Q ended June, an increase of 10.4% from a year ago, mainly from an increase in share of profits of associated and joint venture companies, partially offset by a decrease in operating profit.

Operating profit of $10.2 million was 45.5% lower than the same quarter last year. Revenue at $257.7 million or 5.5% lower year-on-year, mainly due to lower airframe and fleet management revenue.

Expenditure decreased year-on-year by 2.6% to $247.5 million, mainly due to an exchange gain of $2.8 million in the current quarter against an exchange loss of $1.8 million in the same quarter last year, and lower subcontract services costs.

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