SIA Engineering company (SIAEC) has reported a net profit of $38.2 million for the 3QFY2024/2025 ended Dec 31, 2024, a $11.3 million y-o-y increase.
Earnings per share for the reporting period came in at 3.42 cents, and net asset value per share as at Dec 31, 2024 was 152 cents.
The group’s revenue grew 11.3% y-o-y to $324.8 million in the 3QFY2024/2025.
Its operating performance turned around from an operating loss in the same period a year before, to a profit of $4.7 million.
Share of profits of associated and joint venture companies for the quarter was $32.2 million, an $8.4 million improvement y-o-y. The engine and component segment recorded an improvement of $7.8 million, mainly due to the increase in workload and work content, while profits of the Airframe and Line Maintenance segment rose $0.6 million from the increase in the number of flights handled.
SIAEC says that it handled 8.4% more flights in Singapore y-o-y for the 3QFY2024/2025, with the number of flights handled in December 2024 exceeding the December 2019 (pre-pandemic) levels.
Fewer aircraft checks were completed in the reporting period as there was a higher proportion of checks with heavier work content.
The group says that the maintenance, repair and operations (MRO) industry continues to navigate supply chain challenges, rising costs and tight labour market, even though demand has stayed healthy.
“The progressive implementation of our new Enterprise Operating System, with improved and redesigned MRO processes, is expected to strengthen our planning and operational resilience, and better address supply chain challenges,” the group notes in a release.
Shares in SIA Engineering Company closed flat at $2.35 on Feb 14.
