SIA Engineering profits inched up 2.7% to $41.6m in Q1

This is mainly due to the reduction of expenditure.

SIA Engineering saw its profits rose 2.7% YoY to $41.6m from $40.5m in 2018. Its revenue also climbed 0.2% YoY to $258.1m from $257.7m last year.

Profit growth was thanks to the 2.9% decline in expenditure $7.1m during Q1 as material costs went down to $32.9m from $41.4m in Q1 2018.

The report also revealed that share of profits of associated and joint venture companies was $26m, showing a 19.8% YoY decline. Profits of its engine and component segment fell $0.3m to $26.7m, whilst its airframe and line maintenance segment and its corresponding contributions incurred losses of $0.7m and $6.1m, respectively.

Basic earnings per share was $0.037 for the quarter.