SINGAPORE (July 17): SIA Engineering Company (SIA EC) posted net profit of $10.7 million in 1Q20/21 ended June, 74.3% lower than the $41.6 million in 1Q19/20.

The steep decline was attributable to historically low flight frequencies due to the Covid-19 pandemic, said the group in a Friday filing.

SIA EC says the number of flights handled in its Singapore base for this quarter was only about 13% of what the group used to handle before the outbreak.

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