SIA Engineering Group posted a profit on Feb. 2 attributable to owners of S$54.8 million ($41.6 million) for the third quarter of fiscal 2017-18, an increase of $$2.2 million or 4.2% from the same period, year prior.
Revenue of S$271.0 million was lower by S$1.3 million or 0.5%, with the decrease in fleet management revenue partially mitigated by an increase in line maintenance revenue.
Expenditure at S$252.8 million was S$5.7 million or 2.3% higher, mainly due to an exchange loss of S$1.7 million incurred against an exchange gain of S$4.8 million in the corresponding quarter last year, partially mitigated by a decrease in subcontract services. The resulting operating profit of S$18.2 million was S$7.0 million or 27.8% lower.
In an outlook summary released with the results, the Singapore business conceded the operating environment remains challenging citing regional competition and lighter maintenance arising from technological advances of new aircraft types.
To overcome this, SIA Engineering said it has prioritized investments in innovation and technology to improve capabilities and enhance its competitiveness.