SIA Engineering Group records net profit of $66.4 million despite the reduction in wage support

SIA Engineering Group recorded a net profit of $66.4 million despite the reduction in wage support with a revenue of $796.0 million for the financial year ended 31 March 2023. The revenue reported an increase of 40.6% year-on-year as maintenance and overhaul demand picked up in line with the recovery of flight activities. The Group reported an operating loss of $26.3 million, almost $4.5 million more than 2022, but the loss was progressively lower quarter-on-quarter. Excluding the impact of the reduction in wage support, operating performance improved $55.6 million year-on-year. Group expenditure rose 39.9%, with the increase mainly due to