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June 2018

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SIA Engineering Company Group recorded a profit attributable to owners of the parent of $184.1 million for the financial year ended 31 March 2018. Profit last year included a gain from the divestment of the Group’s 10% stake in Hong Kong Aero Engine Services Limited (HAESL) to Rolls-Royce Overseas Holdings Limited (RROH) and Hong Kong Aircraft Engineering Company Limited (HAECO). Excluding the impact of this divestment, profit for the current financial year of $184.1 million was $12.1 million or 7.0% higher. After including the impact of this divestment, profit was lower by $148.3 million or 44.6% compared to the last financial year. Revenue at $1,094.9 million was 0.8% or $9.2 million lower year-on-year, mainly from lower fleet management revenue.

 

Expenditure at $1,018.5 million was lower by $13.6 million or 1.3%, mainly due to a decrease in staff and subcontract costs, offset partially by an exchange loss of $6.5 million compared to a $5.5 million exchange gain last year. The decrease in staff costs was due mainly to the absence of the provision made for the profit-linked component of staff remuneration arising from the gain on HAESL divestment last year, offset by annual salary increments and increase in headcount at subsidiaries. Operating profit of $76.4 million was $4.4 million or 6.1% higher year-on-year. Excluding the profit-linked component of staff remuneration arising from the gain on divestment last year, operating profit was lower by $16.9 million or 18.1%.

 

Share of profits of associated and joint venture companies increased by $13.3 million or 13.8% to $109.8 million. Share of profits from the engine and component centres increased $14.3 million or 15.0% to $109.9 million. Contributions from the airframe and line maintenance segment decreased $1.0 million to a loss of $0.1 million from a profit of $0.9 million last financial year, with higher start-up losses incurred by an associated company.

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ST Engineering has announced that it is undertaking a group-wide branding exercise to firstly, adopt a single brand approach by harmonising all its corporate brands by using ‘ST Engineering’ as a masterbrand, and secondly to align the nomenclature of its subsidiaries’ company legal names with that of ST Engineering.  The brand harmonisation and alignment of company legal names will take effect from 1 June 2018 in a phased approach. The brand harmonisation will help drive higher brand visibility and position the Group for greater commercial impact and marketing presence as it expands into new global markets and industry segments. As a result, Singapore Technologies Aerospace will become ST Engineering Aerospace.

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