SIA Engineering reported strong first fiscal year quarterly results, supported by higher demand for its maintenance, repair and overhaul (MRO) services.
The company's first quarter revenue grew 33.4% to S$358.4 million ($265.2 million), while expenditure grew 32% to S$353.3 million ($261.4 million), which was largely attributed to higher material and labour costs. Operating profit improved S$4.1 million ($4.1 million) to S$5.1 million ($3.8).
Net profits totalled S$42.9 million ($31.8 million) for the June quarter, up 29.2%.
The company said it expects sustained growth in passenger traffic, particularly within Asia Pacific, is expected to drive MRO demand.
The company said it remains “vigilant” to challenges arising from broader macroeconomic environment and ongoing supply chain issues.