SIA Engineering's profits up a measly 0.4% to S$270m

But revenues decreased 2%.

According to OCBC Investment Research, SIA Engineering Company's PATMI was up 0.4% to S$270m. Meanwhile, its operating profit fell 1.2% to S$128m. Share of profits from associated and JV companies increased by 1.5% to S$159m, representing a contribution of 52.0% of the group's pre-tax profits.

Here's more:

(SIAEC) FY13 results were in line with ours and the street's expectations. Revenue decreased by 2.0% to S$1.15b, chiefly due to lower fleet management and project revenue.

Basic EPS of 24.51 S cents formed 98% of ours and the street's FY13 estimates. The board is recommending a final ordinary dividend of 15.0 S cents, which will bring total FY13 dividends to 22.0 S cents per share.

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