Mayday, mayday: SIA Engineering’s profit down 3.8%

Profit for the first quarter of 2011 was $68.1m.

SIA Engineering said performance in the corresponding quarter last year had the benefit of jobs credit and higher non-operating income.

Meanwhile revenue fell by $10.7m or 3.7% to $277.6m over the same period last year, mainly due to lower revenue from materials. Expenditure, at $242.9m, was $9.2m or 3.6% lower as a consequence of lower material costs from reduced usage.

In a statement the company noted, “Prevailing global economic uncertainties and oil price volatility continue to impact the aviation industry. However, we expect demand for the Group's maintenance, repair and overhaul services to be sustained.”

According to SIA Engineering, they will continue to pay close attention to productivity improvements and cost management.