Here's what to blame for SIA Engineering's 1.6% profits dip

Staff, material costs up 4.3%.

SIA Engineering's FY14 revenue increased 2.7% from S$1.15b to S$1.18b, forming 101.4% of OCBC Investment Research's forecast. However, OCBC noted that lower margins resulted in PATMI declining 1.6% to S$266m, making up 99.1% of its forecast.

Here's more:

The S$44.0m increase in expenditure (+4.3%) came mainly from higher staff costs, sub-contracting and material costs. This is partly compensated by associates’ and JVs’ share of profits increasing steadily by 8.3% to S$162.6m, representing 61% of the SIAEC’s net profit. The main contributors were the engine repair and overhaul centres which accounted for S$125.0m.

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