Singapore Airlines Engineering's operating costs edged up a tad 1.5%

No thanks to 5.5% staff cost hike.

According to CIMB, 1H14 revenue was stable at S$583m. Hangars have been booked out for the next six months, mainly for more-intensive C checks, especially ofA380 aircraft.

In 1H14, SIE‟s line-maintenance unit handled 65.5k flights (+17% yoy), thanks to the aggressive growth of LCC volume at Changi Airport.

Here's more from CIMB:

Operating costs were up 1.5% yoy, mainly due to a 5.5% yoy increase in staff costs on higher foreign-worker levies and annual increments, which is not alarming.

Only 10% of SIE‟s workforce of 5,500 comprises foreigners. Management expects a “stable” performance ahead as the group leverages its diversified MRO services and presence in key markets.

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