SIAEC hard hit by the reduction of MRO needs in Singapore |
| Romain Guillot |
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05 NOV 2020 | 139 words
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SIA Engineering Company (SIAEC) posted a record loss of S $ 19 million (US $ 14 million) for its first half ended September 30, as revenue fell 56.5% from the same period last year to stand at S $ 223 million (US $ 164 million).
Singapore Airlines' MRO division suffered an operating loss of S $ 27.2 million compared to an operating profit of $ 37.3 million in the same period last year. It specifies that all of its business segments have been severely impacted by the effects of the COVID-19 pandemic.
SIAEC also announces that it has reviewed its investment portfolio in the Philippines as well as in its joint venture with Airbus, Heavy Maintenance Singapore Services (HMS Services). In addition, Singaporean MRO also proceeded with the dissolution of its Thai joint venture with NokScoot, Line Maintenance Partnership, during the quarter.
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Romain Guillot
Chief editor
Cofounder of Journal de l'Aviation and Alertavia
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