SIA Engineering 2QFY2010 revenue down 11%, net profit down 40%

SIA Engineering revenue down 11.2% - financial highlights:

Three months ended 30-Sep-2009:

• Total revenue: USD177.3 million, -11.2% year-on-year;
• Total costs: USD152.1 million, -11.0%;
• Operating profit: USD25.1 million, -12.5%;
• Profit before tax: USD50.9 million, -15.3%;
• Net profit: USD40.1 million, -40.3%;

Six months ended 30-Sep-2009;

• Total revenue: USD351.6 million, -7.0%;
• Total costs: USD317.8 million, -5.9%;
• Operating profit: USD33.9 million, -16.1%;
• Profit before tax: USD88.1 million, -17.7%;
• Net profit: USD48.4 million, -53.4%. [more]
• *Based on the conversion rate at USD1 = SGD1.40

SIA Engineering: "In tandem with the airline industry's early signs of recovery, the Group posted a better performance in second quarter compared to the first quarter. However, the prospects for a sustained recovery remain uncertain. Ongoing efforts to extend market reach and increase product mix will continue with the aim of broadening the revenue base. The Group will press on with its efforts to manage costs, optimise manpower deployment and improve productivity. With these measures in place, the Group is well positioned to capitalise on opportunities," Company statement. Source: SIA Engineering, 02-Nov-2009.