An increase in the share of profits of associated and joint venture companies lifted results for SIA Engineering (SIAEC) in the second quarter.

Net profit grew 10.4 per cent to $40.5 million from a year earlier, it announced last night.

Share of profits of associated and joint venture companies increased $11.3 million or 53.6 per cent to $32.4 million, contributed by an $11.8 million increase in its take from the engine and component centres.

Revenue fell 5.5 per cent to $257.7 million in the three months to June 30, mainly due to lower airframe and fleet management revenue, it said.

Earnings per share increased to 3.62 cents from 3.28 cents in the preceding year. Net asset value per share edged up to $1.381 as at June 30, from $1.327 three months ago.

The group said that the maintenance, repair and overhaul environment remains challenging, but it expects its performance to benefit from strategic partnerships and phased implementation of various productivity and revenue-generation initiatives.

SIAEC shares closed one cent up at $3.19 yesterday.

Separately, the company also announced the effective retirement of Mr Stephen Lee Ching Yen as non-executive chairman and the appointment of Mr Tang Kin Fei as his replacement.