SIA Engineering (SIAEC) has attributed a slump in profits to reduced demand for maintenance and repair services.
Net profits at the MRO fell 31 per cent to SGD183.3m ($138.3m) for the year ending March 31, 2015 while revenues were down 4.9 per cent to SGD1.12bn ($845.5m).
SIAEC also confirmed its Q4 earnings had declined 37 per cent year on year, posting net profits of SGD41.4m ($30.9m).
Revenues meanwhile fell to SGD276m ($208.3m), a reduction of 11.3 per cent compared with the previous year.
In a statement, SIAEC said newer engines with improved reliability coupled with the phasing out of older engines will result in fewer engine shop visits in the next few years.
Despite this, it said it was confident that demand would pick up in future due to the influx of new aircraft into the region.