SIA Engineering Company said it posted earnings of $70.1 million for the 1Q ending June 30, an increase of 2.9% compared to the same quarter last year.
Revenue rose by $22.9 million or 8.2% to $300.5 million, with the growth coming mainly from fleet management programme and line maintenance. The growth in fleet management revenue was mainly contributed by a larger fleet size. Expenditure, at $266.1 million, was $23.2 million or 9.6% higher as a consequence of higher subcontract, staff and material costs to support the increase in workload.
The resulting operating profit for the quarter was $34.4 million, a decrease of $0.3 million or 0.9%. Share of profits before tax of associated and joint venture companies, which contributed 50.8% of the group’s pre-tax profits, increased by $2.8 million or 7.5% to $40.0 million.
Basic earnings per share of 6.38 cents was 2.4% higher than the corresponding period last year.
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