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079
ANNUAL REPORT 2012/13
Performance of the Subsidiary Companies
The major subsidiary companies are SIA Engineering Company Limited (“SIAEC”), SIA Cargo and SilkAir (Singapore) Private
Limited (“SilkAir”). The following performance review includes intra-group transactions.
SIA Engineering Group
2012-13 2011-12
$ million $ million % Change
Total revenue 1,146.7 1,169.9 - 2.0
Total expenditure 1,018.6 1,040.3 - 2.1
Operating profit 128.1 129.6 - 1.2
Net profit 270.1 269.1 + 0.4
SIAEC Group’s revenue was $23 million or 2.0 per cent lower, mainly due to lower fleet management and project revenue
for cabin interior reconfiguration of aircraft. Expenditure reduced by $22 million or 2.1 per cent, in tandem with the lower
revenue. Overheads were $44 million (-12.5 per cent) lower mainly due to a reduction in subcontract costs and drop in
material costs by $5 million (-2.2 per cent) to $214 million with lower usage. This was partially offset by higher staff costs of
$27 million (+5.7 per cent).
As a result, operating profit was $2 million or 1.2 per cent lower at $128 million.
Share of profits from associated and joint venture companies was $2 million or 1.5 per cent higher at $159 million, representing
a contribution of 52.0 per cent to the Group’s pre-tax profits.
Net profit of $270 million for the financial year ended 31 March 2013, was an increase of $1 million or 0.4 per cent over last year.
As at 31 March 2013, SIAEC Group’s total equity of $1,302 million was $48 million or 3.8 per cent higher than at 31 March 2012.
Net asset value per share of $1.18 as at 31 March 2013 was an improvement of 3.4 cents or 3.0 per cent from a year ago.
Basic earnings per share for the Group decreased by 0.1 cent (-0.4 per cent) to 24.5 cents.
SIA Cargo
2012-13 2011-12
$ million $ million % Change
Total revenue 2,419.6 2,679.5 - 9.7
Total expenditure 2,586.6 2,798.8 - 7.6
Operating loss (167.0) (119.3) - 40.0
Exceptional items (19.9) (1.3) n.m
Loss after taxation (172.3) (106.5) - 61.8
n.m. not meaningful