SIA Engineering Group has reported revenue of $291.7 million for the quarter ending December 31, 2023, an increase of 40.2% year on year; driving a lower operating loss of $3.4 million (compared to $12.5 million in the previous year’s period). The Group’s net profit for 3Q 2023/4 was $26.9 million, an improvement of $14.1 million year on year.
Total assets as of December 31 2023 totalled $2,050 million (3.4% up from 31 March 2023), with the Group’s cash balance at $578.9 million.
The engine and component segment saw a rise of $5.2 million, mainly due to an increase in workload and work content. However, the airframe and line maintenance area registered lower profits, largely due to a one-time adjustment in the same period last year.
SIA Engineering Group’s share of profits of associated and joint venture companies for the quarter was $23.8 million, $4.5 million higher year-on-year. As of December 31 2023, equity attributable to owners of the parent was $1,660.5 million, a reduction of $5.6 million (-0.3%) from 31 March 2023.
SIA Engineering Group: 3Q 2023/4 revenue up 40.2%
