Published:
SIA Engineering's net profit dropped 22.8% to $41.3m in Q1
Due to lower maintenance revenue, forex loss.
SIA Engineering reported that its net profit dropped 22.8% year-on-year to $41.3m in the first quarter.
This was on back of lower airframe component and overhaul revenue, as well as higher forex loss.
However, these losses were partly offset by a 6.2% decrease in expenditure mainly from lower staff and subcontract costs.
In light of its lacklustre results, SIAEC warned that its outlook will remain cloudy in coming quarters.
"Market conditions for the MRO industry remain challenging. Rising business costs and competition from increasing MRO capacity in the region will continue to exert pressure on margins," SIAEC said.
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