SIA Engineering reports marginal dip in quarterly net profit to $69 million

A hangar at Singapore Airlines Engineering Company. Profits at Singapore Airlines' aircraft repair and maintenance arm dipped slightly to $69 million for the April-June quarter, compared with a year ago. -- FILE PHOTO: SIA ENGINEERING COMPANY
A hangar at Singapore Airlines Engineering Company. Profits at Singapore Airlines' aircraft repair and maintenance arm dipped slightly to $69 million for the April-June quarter, compared with a year ago. -- FILE PHOTO: SIA ENGINEERING COMPANY

PROFITS at Singapore Airlines' aircraft repair and maintenance arm dipped slightly to $69 million for the April-June quarter, compared with a year ago.

For the three months to June 30 last year, SIA Engineering recorded net earnings of $70.1 million.

Despite uncertainties in the global economy and operating challenges, the firm said yesterday that its overall performance is expected to stay stable in the near term.

Marketing efforts to increase sales and measures to strengthen competitiveness across core businesses, as well as initiatives to manage costs and improve productivity, "will stand us in good stead", SIA Engineering said in a statement on July 22.

In the three months to June 30, total revenue slipped 3.7 per cent to $289.4 million, primarily due to lower material and fleet management revenue.

Spending fell by 1.7 per cent to $261.7 million.

Earnings per share for the quarter fell to 6.22 cents from 6.38 cents a year ago, while net asset value per share was $1.25, compared with $1.18 previously.