SIA Engineering’s revenue soars 13% to $303m in 3Q11

Things are looking good for the group as revenue from its fleet management programme surged in 2011.

According to a financial statement, SIAEC Group posted a profit attributable to owners of the parent of $63.5 million for the quarter ended 31 December 2011, which was $3.2 million or 5.3% higher than the corresponding quarter last year. Operating profit for the quarter was $28.4 million, a decrease of $6.1 million or 17.7%. Share of profits from associated and joint venture companies, which accounted for 56.3% of the Group’s pre-tax profits, increased by $6.8 million or 20.1% to $40.7 million.

Revenue of $303.4 million was $33.9 million or 12.6% higher than the same quarter last year, primarily attributable to higher fleet management programme revenue and an increase in airframe and component overhaul work.

Expenditure increased by $40.0 million or 17.0% to $275.0 million, mainly from higher subcontract and staff costs to support the increase in workload.

Basic earnings per share rose by 4.7% to 5.79 cents.

Year-to-date (April – December 2011)
The Group recorded a profit attributable to owners of the parent of $202.8 million, $5.2 million or 2.6% higher than the corresponding period last year. Share of profits from associated and joint venture companies increased by $7.5 million or 6.8% to $118.4 million, representing a contribution of 52.0% to the Group’s pre-tax profits. Performance in the first nine months included a write-back of tax provision of $3.1 million arising from a change in the tax rules during the period.

Operating profit at $97.1 million was $8.0 million or 7.6% lower compared to the same period last year. Revenue rose by $18.5 million or 2.2% to $853.4 million, mainly from an increase in fleet management programme revenue. Expenditure at $756.3 million, was $26.5 million or 3.6% higher, primarily due to higher subcontract and staff costs during the period.

Basic earnings per share was 1.9% higher at 18.52 cents.