SIA Engineering net profit dips to $12.8m in Q3FY2223

The figure is $20.4m lower year-on-year.

Despite improvement in flight activities, SIA Engineering’s net profit still dipped in the third quarter of FY2022-23.

In a bourse filing, SIA Engineering declared a net profit of $12.8m for the quarter which is $20.4m lower year-on-year (YoY)

Excluding last year’s wage support and one-time tax write-back, the company’s net profit would have improved by $19.8m YoY.

In the same quarter, SIA Engineering recorded a higher operating loss of $12.5m due to the rise in expenditure.

The company’s expenditure in Q3FY2223 rose 35.5% due to an increase in manpower costs.

“Manpower costs increased largely due to increase in headcount, cessation of manpower cost mitigation measures and increments,” the company stated.