SINGAPORE - SIA Engineering has posted a fourth quarter net profit of S$45.9 million, 10.9 per cent higher than a year ago.

Revenue in the three months ended March 31 was S$295.4 million, comparable to the same period last year, the firm said on Friday (May 12) evening after trading hours.

Expenditures rose S$4.8 million or 1.8 per cent to S$271.5 million, due mainly to an increase in staff costs partially offset by a reduction in subcontract costs and lower exchange losses.

The resulting operating profit of S$23.9 million was S$3.6 million or 13.1 per cent lower.

Fourth quarter earnings per share was 4.09 cents, higher than 3.69 cents a year ago.

Net asset value per share was 138.8 cents as at March 31, up from 132.4 cents as at March 31 last year.

For the full year, net profit jumped 88.2 per cent from a year ago to S$332.4 million, mainly due to divestment gains in the first quarter.

SIA Engineering has proposed a final dividend of nine cents per share and a special dividend of five cents per share for the financial year.

Together with the interim dividend of four cents per share paid earlier, the total dividend payment for the year will be 18 cents per share.

Payment of the final ordinary and special dividend, which amounts to approximately S$156.8 million, is subject to shareholders' approval at the annual general meeting on July 20.

The dividend will be paid on Aug 8.