SINGAPORE - Aircraft maintenance and repair company SIA Engineering saw third quarter net profit plunge 23.5 per cent, partly due to a decline in airframe and component overhaul work.

Net profit came in at $46.3 million in the October to December period, compared with $60.5 million in the corresponding period in the previous financial year.

Revenue in the quarter decreased by 6.5 per cent to $265.3 million, dragged down by lower contributions from the airframe and component overhaul segment. This was attributed to lower work content and fewer heavy checks.

This decrease was mitigated by higher fleet management and line maintenance revenue, the company said in a statement on Tuesday.

The firm's share of profits from associated and joint venture companies declined $12.6 million or 33.2 per cent to $25.3 million in the quarter.

The decrease came mainly from engine repair and overhaul centres, whose contributions fell by $19 million or 54.9 per cent.

The retirement of older engines, as well as engine improvement modifications and longer engine lifespans of certain aircraft models, resulted in a reduction in engine shop visits.