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SIA Engineering Group posted earnings of 949.4 million for 3Q, an increase of 6.7% from a year ago.
This was mainly due to an increase in share of profits, boosted by one-time gains, from its associated and joint venture companies. For the three months to December, revenue grew 3.7% to $257.2 million lifted by higher fleet management and line maintenance revenue.
Expenditure increased at a lower rate of 2.2% to $246.2 million, with increases in material and staff costs mitigated by decreases in other expenses. As a result, operating profit increased 19.3% to $29 million. Share of profits from associated and joint venture companies also rose 31.2% to $33.2 million, mainly contributed by one-time restructuring gains, including profit from the sale of facilities.
The contributions from the engine repair and overhaul centres increased 25.6% to $19.6million. Shares in SLA Engineering ended 1.45% lower at $3.41 on Monday.
This article first appeared in The Edge Singapore Market Report.
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