JV with Panasonic hurts SIAEC’s revenue for 2Q12

The company reported a slight decline in revenue to S$272m as work is outsourced to another firm.

PATMI, however, climbed by 7.1%. to S$71m.

In a statement, Phillip Securities Research said that while outsourcing would reduce near term contributions at the company level, SIAEC would benefit in the long run through its 42.5% interest in the JV.

While the number of flights handled by SIAEC increased by 4.4%y-y, it remains significantly lower than the 14.5% traffic growth at Changi Airport.

According to the analyst, this reflects the distortion caused by the LCC growth that has a lower demand for services from MRO companies.

It added that the JV bodes well for SIAEC as it would allow the firm to expand capacity in the long term and have access to cheaper labor.

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