SIA Engineering’s Q3 profit crashed 40.7% to $42.1m in Q3

Revenue also slipped 3%.

SIA Engineering Company Limited reported distinctly disappointing results in Q3. SIAEC reported a 40.7% year-on-year plunge in revenue to $42.1m, with its bottomline impacted by higher subcontracting costs.

According to OCBC, SIAEC’s Q3 profit was also weighed down by a 36.2% YoY drop in its 2QFY15 share of profits from associated and joint venture companies to S$29.1m.

Its revenue also fell 3.0% YoY in its 2QFY15 revenue to S$285.2m on lower airframe and component overhaul revenue, partly offset by higher fleet management revenue. 

“For 1HFY15, SIAEC’s revenue and PATMI, which formed 47.8% and 34.5% of our forecasts, fell 0.7% YoY to S$579.3m and 31.7% to S$95.6m, respectively. We will provide further update after attending SIAEC’s results briefing later in the morning,” noted OCBC.