Hong Kong Aircraft Engineering Company (HAECO) has posted an attributable full-year profit of HK$464m ($59.7m) for 2015, a year-on-year reduction of 19 per cent.
Despite the fall in profit, the group’s revenues increased slightly by 1.4 per cent year-on-year to HK$12bn ($1.5bn).
HAECO Hong Kong saw man hours increase for airframe services by 13.8 per cent but reported reductions in avionics and components work, citing the retirement of the 747-400 aircraft.
HAECO’s joint venture with Rolls-Royce and SIA Engineering, HAESL, meanwhile, saw profits fall with fewer engines overhauled due to the retirement of aircraft operating Trent 500 engines and reduced scheduled maintenance of Trent 700 engines.
Looking ahead to 2016, HAECO chairman John Slosar said the outlook for the group’s businesses would be “mixed” following a year where it was “adversely affected” by an influx of new airframes, engines and components requiring less maintenance than older versions.