SIA Engineering warns on future earnings

SIA Engineering
(PHOTO: SIA Engineering)

Use this oneSingapore MRO provider SIA Engineering warned on Wednesday (28 October) in a statement to the city-state’s stock exchange that the COVID-19 pandemic “continues to have an unprecedented adverse impact on the aviation industry and consequently on the MRO business (and) all segments of the group were impacted during the first half of the financial year as low flight activities resulted in low work volume” for the second quarter and the half-year ended 30 September.

“Due to significant decline in hangar revenue projections brought about by lower flight hours, large number of aircraft taken out of operations and parked and the likelihood that some of the parked older generation aircraft will not return to operation, the group will be recognising a non-cash impairment provision against its base maintenance unit’s assets and is working on finalising the quantum of impairment, which is expected to have a material impact on the group’s financial results” for the first half of fiscal year 2020-2021,” the company said.

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Asian Aviation
Matthew Driskill is the Editor of Asian Aviation and is based in Cambodia. He has been an Asia-based journalist and content producer since 1990 for outlets including Reuters and the International Herald Tribune/New York Times and is a former president of the Foreign Correspondents Club of Hong Kong. He frequently appears on international broadcast outlets like CNN, Al Jazeera and the BBC and has taught journalism at Hong Kong University and the American University of Paris. Driskill has received awards from the Associated Press for Investigative Reporting and Business Writing and in 1989 was named the John J. McCloy Fellow by the Graduate School of Journalism at Columbia University in New York where he earned his Master's Degree.


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