SIA Engineering revenue crashes by 55.4%

Revenue shrank from $994.1m to $443m over the 12 pandemic-impacted months to March 31.

SIA Engineering reported a 55.4% loss in revenue for FY20/21, ending 31 March.

The group also recorded a net loss of $11.2m for FY20/21, as compared to a net profit of $193.8m in the same period.

SIA Engineering blamed the adverse impact of COVID-19 pandemic on air travel that had impacted all its business segments during the financial year that resulted into low flight activities and massive grounding of aircraft for the decline in its revenues.

The group said that its poor performance during the financial year was cushioned by the Jobs Support Scheme and cost mitigation measures.

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