News
SIA Engineering warns recovery “still fraught with risks”
May 5th 2021
SIA Engineering Company (SIAEC) yesterday reported a net loss of S$11.2 million (US$8.4 million) for the 12 months to March 31, 2021, a sharp deterioration from a net profit of S$193.8 million a year ago. Read More » Annual revenue declined 55.4%, to S$443 million, SIAEC said in a regulatory filing to the Singapore Exchange. SIAEC said vaccination programs around the world continued to gather pace and the use of digital travel passes to verify COVID-19 test results would hopefully lift public confidence in air travel. "These encouraging developments for the safe resumption of international air travel bolster prospects for a more meaningful increase in flight frequencies and the subsequent demand for MRO services," SIAEC said. "The path to recovery of the aviation and aerospace sector, however, still is fraught with risks." The company posted a net profit of S$7.8 million for the six months to March 31, but the result was a 92.7% decline from a S$106.2 million net profit in the 2020 corresponding half. The financial accounts also included impairment charges of S$35 million on the value of the base maintenance unit's assets and S$11.4 million on an investment in an engine program.
