- 1HFY25 operating profit came in weaker than expected, due to supply chain constraints and some gestation costs related to SIA Engineering’s new business expansion initiatives.
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1HFY25 core earnings a slight miss due to subdued operating profit.
- SIA Engineering (SIAEC)’s headline net profit rose 15.9% y-o-y to S$68.8m in 1HFY25. Excluding one-off items such as forex losses, SIA Engineering’s 1HFY25 core net profit of S$70.4m (+20.4% y-o-y) was still slightly behind our projection, at 45% of our full-year forecast.
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- In addition, SIA Engineering incurred sizeable start-up and development costs related to its new business development initiatives, including the airframe MRO facility development in Subang, Malaysia. Though the facility is expected to be ready only in 2H25, workforce recruitment has already started.
JVs & associates remained key contributors.
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