SIA Engineering’s net profit doubles Y-O-Y to close at $270 million for Q1, FY2023-24

SIA Engineering Group Engineering Group (SIAEC) reported revenue of $261.9 million in the first quarter of FY2023-24, an increase of 52.7% over same time last year. The Group’s expenditure also increased but at a slightly lower rate of 49.0%, to $261.5 million, mainly due to higher manpower costs and material costs, as well as the absence of government wage support. The Group recorded an operating profit of $0.4 million for the quarter, an improvement of $4.4 million year-on-year marking the first quarter of profit at the operating level since the onset of the pandemic. Excluding the impact of wage support