BUILDING & ENGINEERING | Staff Reporter, Singapore

SIAEC's profits rose 20.4% to $193.8m in FY2019-2020

It saw $3.3m higher contributions from its engine and component segment.

SIA Engineering Company (SIAEC) recorded a 20.4% rise in profit attributable to owners to $193.8m in FY 2019-2020, from $160.9m in FY 2018-2019, the company announced. Revenue fell 2.6% to $994.1m over the same period.

In Q4, profit grew 5.9% YoY to $52.2m, whilst revenue slipped 10.4% to $229.3m. The growth in profit was driven by $3.3m higher contributions from the engine and component segment, but dragged by $0.7m lower contributions from the airframe and line maintenance segment.

This decline mainly came in March when the number of flights handled were nearly halved due to flight cancellations resulting from the pandemic.

“Recovery of our core line maintenance business in Singapore will be directly dependent on the return of air traffic movement at Changi Airport. And for our overseas line maintenance stations, the return of air traffic movement at these airports,” the company said.

Also read: Aviation stocks crashed 38% in 2020 YTD

Expenditure shrank 9.1% to $215m mainly due to a decrease in material, staff and departmental costs. The reduction in staff costs was attributed to support received from government schemes.

Basic earnings per share was $0.0466 for the quarter, bringing the full financial year’s earnings to $0.173 per share. 

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