SIA Engineering Company and NokScoot Airlines Co have formed a line maintenance joint venture (JV) based in Thailand that will have an initial registration capital of 63.7 million baht (S$2.7 million).
Under the agreement, SIA Engineering will pay 31.2 million baht in cash for a 49 per cent stake in the JV, while NokScoot will pay 32.5 million baht for a 51 per cent stake, subject to regulatory approvals, the engineering arm of Singapore Airlines said yesterday.
The JV will start operations in Don Mueang International Airport and subsequently expand to other key airports in Thailand.
NokScoot is an associate of Singapore Airlines (SIA) as it is 49 per cent owned by Scoot Tigerair, which is wholly owned by SIA's subsidiary Budget Aviation Holdings.
Mr Ng Chin Hwee, a director of SIA Engineering, sits on the board of NokScoot as a representative of SIA.
Green Build reversed its FY2017 loss of 7.2 million yuan (S$1.5 million) to report a 12.2 million yuan profit for its latest FY2018 financial results.
The construction firm's earnings per share was thus 4.95 fen, compared with a loss per share of 2.98 fen for fiscal 2017.
Revenue dropped 70.1 per cent from 322.7 million yuan to 96.5 million yuan, mainly due to the substantial completion of Phase 1 of an underground utility tunnel project in FY2017.
The group reported a 298 million yuan net decrease in cash and bank balances from 301.3 million yuan to 3.3 million yuan. This is because out of the 301.3 million yuan, 300 million yuan was pledged for bank facilities in FY2017.
It also reported an increase of two million yuan - mainly due to net cash from operating activities of 40.1 million yuan and investing activities of 0.8 million yuan - which was partially offset by net cash used in financing activities of 38.8 million yuan.
Nearly 90 per cent of Phase 1 of the underground utility tunnel project has been completed, with works expected to finish this year. In addition, the group has commenced construction work on Phase 2 of the project.
As of Dec 31 last year, it has incurred about 38.9 million yuan in construction costs.