As a result, operating profit came in at $15.9 million, 15.4% lower year-on-year.
Share of profits of associated and joint venture companies came in at $19.2 million, 52.9% lower year-on-year, due mainly to the impact of one-off events. These included a revision in fee structure of an engine shop in 2018 that evened out its revenue over the year instead of a lump sum adjustment in the third quarter of the last financial year; a foreign exchange adjustment made for the functional currency change of an associated company; and a one-time tax charge booked by certain associated companies in the current quarter.
For the nine months ended Dec, the group recorded earnings of $111.6 million, a decrease of 14.5%.
In its outlook, SIA Engineering says the operating environment remains challenging and will continue to focus on its transformation journey and investments in technologies and will manage its portfolio of joint ventures to drive sustainable growth.
See also: MAS net profit rises to $19.7 bil in FY2024/25 with investment gains more than doubling y-o-y
In the past 12 months, shares in SIA Engineering have fallen by 24% to close at $2.52 on Friday.
