AIRCRAFT maintenance provider SIA Engineering (SIAEC) on Tuesday (Nov 5) reported net profit of S$35.6 million for the quarter ended Sep 30, 2024, up 10.2 per cent from S$32.3 million in the corresponding year-ago period.
This translates to earnings per share of S$0.0317, from S$0.0287 year on year.
Revenue for the quarter was S$307.5 million, up 22 per cent from S$252.1 million.
The group declared an interim dividend per share of S$0.02, to be paid on Nov 29. There is no change in the dividend per share declared in H1 FY2024.
On a half-year basis, net profit was S$68.8 million, 15.9 per cent higher than S$59.3 million in the corresponding year-ago period. Revenue for the first half was S$576.2 million, up 12.1 per cent from S$514 million yoy.
This translated to earnings per share of S$0.0613 in H1, compared to S$0.0528 yoy.
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Commenting on its half-year performance, the group noted that demand for maintenance, repair and overhaul (MRO) services remained healthy in this period, with all operating segments reporting higher revenue.
In addition, group expenditure for the six months increased at a lower rate of 11.5 per cent to S$572.8 million, mainly due to higher material costs, manpower costs and repair costs, and an exchange loss as compared to an exchange gain recorded in the comparative period.
While the company is contending with challenges including supply chain issues and elevated cost, MRO demand continues to be driven by an increase in air travel, said SIAEC.
“In addition, the delays in the delivery of new aircraft have also resulted in airlines keeping older aircraft in operation and needing MRO support for those aircraft,” it said.
SIAEC shares ended S$0.04 or 1.6 per cent higher at S$2.49 before the announcement.
