SIA Engineering posted an 11% fall in net profit in the fiscal third quarter due to a drop in airframe maintenance and component overhaul work.
The Singapore company says for the three months ending 31 December, net profit dropped 11% to S$56 million ($40 million) from S$63 million and revenue dropped 11% to S$242 million.
Revenues fell "due to a drop in airframe and component overhaul work against the backdrop of a continued reduction in aircraft utilization," it says.
"Revenue for the same period last year also benefited from the turnkey project to redesign, retrofit and overhaul a Boeing 747-400," it adds.
SIA Engineering says it responded by reducing expenses 9% to S$220 million through "reductions in staff and subcontract costs".
For the nine months ending 31 December, net profit is down 17% year-on-year to S$162 million.
Source: Air Transport Intelligence news
