- 3QFY23 (Oct-Dec 2022) the first quarter of no wage support for SIA Engineering since the onset of pandemic.
- Flights handled at Changi Airport by line maintenance back to 71% of pre-pandemic volume.
- - Read this at SGinvestors.io -
SIAEC's group expenditure outpaced the growth in revenue, mainly due to the absence of wage support in 3QFY23
- SIA Engineering (SGX:S59)’s 3QFY23 revenue rose 48.6% y-o-y or 9.1% q-o-q to S$208.1m, boosted by growth across all business segments on the back of continued recovery in flight activities and flights handled.
- Group expenditure grew 49.3% y-o-y to S$220.6m, outpacing the increase in revenue, mainly due to the absence of wage support. Excluding the impact of wage support, group expenditure would have grown 35.5% y-o-y, mainly due to higher manpower costs as SIA Engineering ramps up recruitment efforts to support the aviation recovery.
- - Read this at SGinvestors.io -
- As such, SIA Engineering's 3QFY23 net profit came in at S$12.8m which was 61.4% lower y-o-y, in-line with our expectations.
Improvement across segments
- Read more at SGinvestors.io.
