SIA Engineering profit climbs 35% to $14.5m in Q1

This was supported by grants extended by the government, such as the Jobs Support Scheme.

The SIA Engineering Group recorded a net profit of $14.5m in the first quarter, representing a 35.5% year-on-year increase.

The group noted its performance during the quarter, ending 30 June, was supported by grants extended by the government, such as the Job Support Scheme (JSS).

“Although support from JSS was lower than the same period last year, it substantially cushioned the impact of low flight activities,” the Group reported.

“Without this support, the group would have recorded a loss of $24.1m.”

The group saw a 5.7% revenue increase to $125.3m, driven by higher flight activities. As of 30 June, the equity attributable to owners of the parent was $1.54b.

Moreover, its total assets stood at $1.80b, declining by 0.2% or $4.4m, compared to March 2021. It also maintained a strong cash balance of $683.5m.

Basic earnings per share and net asset value per share as of 30 June was 1.30 cents and 138.1 cents, respectively.

“The company is pressing ahead with its transformation efforts to emerge stronger in the post-COVID-19 future,” SIA said.

“This will complement efforts in reshaping the portfolio of subsidiaries and joint ventures to strengthen its ability to build new capabilities for existing and new generation aircraft and components amidst a changing business environment.”