SIA Engineering posts flat Q4 earnings

SIA Engineering posted a fourth quarter net profit of S$41.4 million.
SIA Engineering posted a fourth quarter net profit of S$41.4 million. PHOTO: ST FILE

SINAGPORE - SIA Engineering has posted a fourth quarter net profit of S$41.4 million, flat from the same period a year ago against a tough environment for the airline maintenance, repair and operations industry.

Revenue in the three months ended March 31 rose 6.6 per cent to S$294.2 million, with contributions from all business units, and in particular from higher line maintenance and fleet management revenues.

Expenditures rose 5.5 per cent to S$266.7 million, with an increase in material costs, and an exchange loss of S$8.2 million compared to a S$1.6 million exchange gain in the corresponding quarter last year.

Fourth quarter earnings per share was 3.69 cents, unchanged from a year ago.

Net asset value per share was 132.4 cents as at March 31, up from 118.1 cents as at March 31 last year.

For the full year ended March 31, net profit fell 3.7 per cent from a year ago to S$176.6 million, resulting in an earnings per share of 15.74 cents, down from 16.36 cents a year ago.

SIA Engineering has proposed a final dividend of 8 cents per share to be paid on August 12, down from 8.5 cents per share last year. Together with the interim dividend of 6 cents per share paid earlier, the total dividend payment for the full year ended March 31 is 14 cents per share.