SIAEC annual profits down 3.7%
SIA Engineering Group (SIAEC) has reported a net profit of $176.6m for the financial year ending March 31, 2016, a year-on-year reduction of 3.7 per cent.
The maintenance arm of Singapore Airlines said overall revenues fell slightly by 0.7 per cent for the year to $1.1bn, but the decrease in airframe and component overhaul revenue was mitigated by higher line maintenance and fleet management revenue.
For engines, SIAEC said its repair centres contributed $50.7m, marking a $16.9m annual reduction which it attributed to lower work content on the engines serviced by its Singapore Aero Engine Services (SAESL) joint venture.
However, the MRO managed to decrease its expenditure, falling by $28.3m compared to the previous year to $1bn.