Singapore Airlines Engineering net earnings up 9% in FY2011

This reflected the strong recovery momentum in the MRP sector after the aviation downturn in 2009.

According to DBS Vickers, though net profit was slightly below consensus and DBS Vickers' estimates, core operating revenues and margins remained strong, as EBIT grew 23% yoy to $135.7 million on the back of a 10% rise in revenue and better operating margins in boh line and base maintenance.

Overall EBIT margin in FY 2011 was 12.3% compared to FY 2010's 11.0%.

The smaller growth in net profit was due to slower recovey of associate/JV, which was impacted by some start-up expenses as well as a weaker US$, said DBS Vickers. The US$ depreciated almost 10% in 4Q 2011 compared to 4Q 2010.

As passenger numbers and flight movements at Changi continue to grow at an impressive 9.5% and 12.3% yoy respectively YTD in 2011 - SIE's line maintenance operations should continue to benefit. Management also expects the engine and component JVs to recover.

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