SIA Engineering posts 5.8% rise in Q2 net profit to $71 million

SIA Engineering has posted a 5.8 per cent rise in second quarter net earnings of $71 million.

This came on the back of a 3.3 per cent rise in revenue to $293.9 million for the three months to Sept 30.

The rise in revenue was primarily due to an increase in airframe and component overhaul work.

Expenditure, at $265.4 million, was 4.9 per cent higher as a consequence of higher staff and subcontract services costs.

The operating profit for the quarter was $28.5 million.

Share of profits from associated and joint venture companies grew by $9.7 million or 25 per cent to $48.5 million.

This accounted for 60 per cent of group pre-tax profits.

Earnings per share climbed to 6.39 cents from 6.09 cents previously while net asset value per share slipped to 116.9 cents compared to 117.7 cents as at March 31.

The company has declared an interim dividend of seven cents a share, unchanged from last year.

SIA Engineering's performance is expected to remain stable despite the global economic uncertainties.

"We continue to focus on costs, productivity improvements and growing our business," it said.