SIA Engineering Company’s 1Q16 Earnings Down 22.8% To $41.3 Million

SIA Engineering Company announced 1Q16 revenue of $277.3 million, sliding 5.7 percent from the same period last year, while net profit fell 22.8 percent to $41.3 million.

The decline in revenue was largely due to lower airframe component and overhaul revenue.

Although the exchange loss increased by $4.1 million, expenditure fell $17 million from lower staff and subcontract costs.

Share of profits of associated and joint venture companies fell $6.6 million or 21.6 percent. The drag stemmed from a 41.4 percent drop in contributions from the engine repair and overhaul centres.

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