Singapore Airlines 2015 Annual Report Download - page 60
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Financial Review
The major subsidiary companies are SIA Engineering Company Limited (“SIAEC Group”), SIA Cargo and SilkAir (Singapore) Private
Limited (“SilkAir”). The following performance review includes intra-group transactions.
Performance of the Subsidiary Companies
SIAEC Group’s revenue was $1,120 million, a decrease
of $59 million or 5.0 per cent. Airframe and component
overhaul revenue declined with fewer heavy checks, partially
mitigated by higher fleet management revenue. Expenditure
at $1,036 million was lower by $27 million or 2.6 per cent,
largely due to a reduction in material usage in line with the
decline in the number of heavy checks and lower sta costs,
partly oset by higher subcontract costs. The subcontract costs
increase was mainly for the fleet management contracts, which
typically require part of the obligations to be outsourced.
As a result, operating profit at $84 million was $32 million or
27.1 per cent lower compared to the previous financial year.
Share of profits of associated and joint venture companies
fell by $55 million or 33.8 per cent to $108 million. The
contributions from the engine repair and overhaul centres
decreased $57 million or 45.9 per cent with reduced engine
shop visits, arising from engine improvement modifications as
well as an extension of the “on-wing” life of certain models and
the continuing retirement of the older engine models.
Net profit of $185 million for the financial year ended 31 March
2015 was $81 million or 30.4 per cent lower than last year.
As at 31 March 2015, SIAEC Group’s equity attributable to
owners of the Parent of $1,327 million was $34 million or
2.5 per cent lower than at 31 March 2014. Net asset value per
share of $1.18 as at 31 March 2015 was $0.04 or 3.3 per cent
lower year-on-year.
Basic earnings per share was 16.51 cents for this financial year.
SIAEC Group
2014/15 2013/14
$ million $ million % Change
Total revenue 1,119.7 1,178.2 - 5.0
Total expenditure 1,035.4 1,062.6 - 2.6
Operating profit 84.3 115.6 - 27.1
Net profit 185.0 265.7 - 30.4
58 PERFORMANCE | Financial Review |