SIAEC reports sharp decline in operating profits

SIA Engineering (SIAEC) has reported a sharp decline of 28% in operating profits for its 2018 full year financial results. The group posted S$56.8 million (approximately $41.6 million) for the year ending 31 March 2019. SIAEC’s revenue for the year also dropped 6.8% to S$1.02 billion, a decrease of S$74.0 million – which it says is due to a “decline in airframe and fleet management revenue”. Net profit also took a hit, falling 14% to S$161 million. Meanwhile, the group’s expenses fell 5.1% to S$964 million, which it says is led by a “reduction in material and subcontracting costs arising from