Singapore Airlines 2008 Annual Report Download - page 35
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Singapore Airlines Annual Report 2007-08
33
SIA Engineering Company
(SIAEC) earned a profit
attributable to equity
holders of $253.8 million
in the financial year ending
31 March 2008.
SINGAPORE AIRLINES ENGINEERING COMPANY
SIA Engineering Company (SIAEC) earned a profit
attributable to equity holders of $253.8 million in the
financial year ending 31 March 2008.
In August 2007, SIAEC acquired 100% of Aircraft
Maintenance Services Australia to offer line maintenance
services at international airports in Australia.
The acquisition is part of the Company's continuing effort
to capture a larger slice of the global maintenance,
repair and overhaul (MRO) market by extending its reach
to new growth markets and to broaden the span of its
services to offer total maintenance solutions to airlines.
A Memorandum of Understanding (MOU) was signed
in November 2007 between SIAEC and Saigon Ground
Services, a division of the Southern Airport Authorities,
to form a line maintenance joint venture at Tan Son Nhat
International Airport in Ho Chi Minh City, Vietnam.
SIAEC also joined the Airbus Maintenance Training Network
in December 2007, giving the Company access to Airbus’
latest training methodologies.
In March 2008, SIAEC signed a MOU with Cebu Pacific Air
to set up an aircraft heavy maintenance facility at Clark
International Airport in the Philippines.
The joint venture will see the construction of three hangars
over the next three years to provide heavy and light
maintenance checks to international airlines around the
world. The Clark hangars will augment SIAEC’s extensive
facilities in Singapore and provide the Company with the
increased capacity and competitive cost structure to capture
a larger share of the global MRO outsourcing that is being
directed into Asia.
SIAEC has a 65% stake in the new venture, the Company’s
21st in its list of joint ventures forged with airlines and
original equipment manufacturers. Cebu Pacific Air holds
the remaining 35% share. The total investment capital
for the joint venture is $81 million.
During the year, the Company clinched new third-party
contracts amounting to $311.6 million for its airframe
maintenance and component overhaul business. For line
maintenance at Changi Airport, 21 new contracts were
secured. As of 31 March 2008, its Fleet Management
contracts cover a total of 109 aircraft, comprising 57 in
service and the remaining awaiting deliveries to its
customer airlines.