SIA Engineering profit up 4.1% to over $269m

Results included a write-back of tax provision of $3.1 million arising from a change in the tax rules relating to an overseas associated company.

SIAEC Group said it posted a profit attributable to owners of the parent of $269.1 million for the financial year ended 31 March 2012, an increase of $10.6 million or 4.1% over last year.

Meanwhile share of profits from associated and joint venture companies was $12.5 million or 8.7% higher at $156.9 million, representing a contribution of 51.8% to the Group’s pre-tax profits.

Revenue grew by $63 million or 5.7% to $1,169.9 million. This was primarily contributed by higher fleet management programme revenue with an increase in fleet size, more airframe and component overhaul work and a cabin interior reconfiguration project for four B777-300.

Expenditure at $1,040.3 million was $69.1 million or 7.1% higher, mainly due to higher subcontract and staff costs to support the increase in workload.

The resulting operating profit of $129.6 million was $6.1 million or 4.5% lower compared to previous financial year.

Basic earnings per share was 3.3% higher at 24.56 cents.