SIA Engineering Company Edges Q1 Profit Amid Glacial Recovery | SIA Engineering Company社、第1四半期の黒字化に成功

SIAEC has seen an uptick in light and heavy maintenance.
Credit: SIAEC

チャンギ国際空港(SIN)に対する政府支援や運航数の増加により、Singapore Airlines Engineering Company(SIAEC)社は2021年度第1四半期の黒字化に成功した。



なお、シンガポール政府が実施してきた雇用支援制度「Job Support Scheme(JSS)」は2021年に入って縮小され、4〜6月は賃金の30%を補助、7月以降は10%の補助となる。パンデミックを受けて開始されたJSSは、当初は賃金の75%を補助し、2020年9月から2021年3月にかけては50%を補助していた。SIAEC社は、もしJSSがなかった場合には第1四半期で2,410万シンガポールドルの損失を計上していただろうと発表している。 



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SINGAPORE—Government measures and an increase in traffic at Changi Airport (SIN) helped Singapore Airlines Engineering Company (SIAEC) return to profit during the first quarter of its fiscal 2021/22.

The MRO provider achieved a net profit of S$14.5 million ($11 million) for the three-month period ending June 30. 

However, SIAEC warned that the outlook for the sector remains uncertain and rests on vaccination rates and the reopening of borders. Air traffic at SIN in the quarter improved 97% year-on-year (YOY), but compared to the first three months of the year the quarter-on-quarter increase was a more modest 13%.

Line maintenance services doubled YOY from 4,952 flight to 9,755 flights in fiscal Q1 2021/22. Light and heavy checks both saw marginal increases, mostly thanks to “active marketing efforts.” As a result, SIAEC achieved S$125.3 million in revenue, improving 5.7% YOY. Profits from overseas ventures were also up 8% YOY to S$14.8 million. 

After cost-cutting and redundancy measures in 2020, total expenses came in at S$128.2 million, edging 0.9% higher YOY. 

The Singapore government’s Job Support Scheme (JSS) measures have been lowered in 2021. JSS was reduced to subsidizing 30% of wages between April and June 2021 and is now at 10% as of the start of July. At the onset of the pandemic JSS stood at 75% and then stood at 50% between September 2020 and March 2021. SIAEC said without the JSS, the company would have recorded a S$24.1 million loss in fiscal Q1. 

Looking ahead, SIAEC is maintaining a cautious approach in its outlook as infections have surged once again in the region.

“The uptick in flight volume from home-based carriers has been encouraging but any meaningful increase in flight frequencies is not expected to materialize in the short term,” the company stated in its fiscal Q1 release. SIAEC added that it will focus on its digital transformation efforts and reshaping its portfolio to “build new capabilities for existing and new generation aircraft and components amidst a changing business environment.”