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085
ANNUAL REPORT FY2013/14
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
2013/14 2012/13
฀ ฀ ฀ ฀ $฀million฀ $฀million฀ %฀฀Change
Total revenue 1,178.2 1,146.7 + 2.7
Total expenditure 1,062.6 1,018.6 + 4.3
Operating profit 115.6 128.1 - 9.8
Net profit 265.7 270.1 - 1.6
SIAEC Group’s revenue was $32 million or 2.7 per cent higher, mainly from its airframe maintenance and component overhaul
services. Expenditure went up by $44 million or 4.3 per cent, in tandem with the higher revenue. Overheads came in $25 million
(+8.1 per cent) higher mainly due to an increase in subcontract costs while material costs increased $9 million (+4.2 per cent)
with higher usage. In addition, staff costs increased $10 million (+2.0 per cent).
As a result, operating profit was $12 million or 9.8 per cent lower at $116 million.
Share of profits from associated and joint venture companies was $13 million or 8.3 per cent higher at $163 million, representing
a contribution of 61.2 per cent to the Group’s net profits.
Net profit of $266 million for the financial year ended 31 March 2014, was $4 million or 1.6 per cent lower than last year.
As at 31 March 2014, SIAEC Group’s equity attributable to owners of the Parent of $1,361 million was $59 million or 4.5 per cent
higher than at 31 March 2013. Net asset value per share of $1.22 as at 31 March 2014 was an improvement of 4.3 cents or
3.7 per cent from a year ago.
Basic earnings per share for the Group decreased by 0.6 cent (-2.4 per cent) to 23.9 cents.
SIA Cargo
2013/14 2012/13
฀ ฀ ฀ ฀ $฀million฀ $฀million฀ %฀฀Change
Total revenue 2,253.7 2,419.6 - 6.9
Total expenditure 2,354.1 2,586.6 - 9.0
Operating loss (100.4) (167.0) + 39.9
Exceptional items (380.4) (19.9) n.m
Loss after taxation (418.3) (172.3) - 142.8
n.m. not meaningful