SIA Engineering net profit down in Q3

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(PHOTO: SIA Engineering)

Use this oneSingapore’s SIA Engineering said its third-quarter profit for the quarter ending 31 December 2020 S$7.7 million, down 85.7 percent compared to the same quarter for the previous year. The group recorded revenue of S$104.6M million for the quarter, S$147.5 million lower year-on-year or down 58.5 percent. The company said the “adverse impact of COVID-19 on the group’s financial performance for the third quarter continued to be partially cushioned by grants from government support schemes…Without this support, the group would have recorded a loss of S$44.7 million”.

“In the last quarter, international air travel continued to recover at a gradual pace,” SIA Engineering said. “However, new COVID-19 outbreaks have impeded the progress as they have prompted governments around the world to step up travel restrictions and quarantine measures. All business segments continued to be adversely affected by low flight activities and the reduction in the number of active aircraft. The number of flights handled by the Line Maintenance unit at our Singapore base in the third quarter was 19.3 percent of the same quarter last year, an increase of 3.3 percentage points quarter-on-quarter. The reduction in flying hours and lower work volume continued to impact on the fleet management business as well as our engine and component joint venture companies.”

The company said during the quarter it completed the integration of the operations of subsidiary, Heavy Maintenance Singapore Services into its Base Maintenance unit, adding that “demand for aircraft maintenance checks remained weak, with most checks having lighter work content”. SIA Engineering said it was accelerating its “Phase 2 Transformation”  with investments in digitalisation, technology and automation. The recently launched digitalisation initiative (SMART-MX) provides line maintenance engineers with immediate access to information and decision support which improves efficiency.

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