Operating profit was $0.4 million for the quarter, an improvement of $4.4 million y-o-y. It marks the first quarter of profit at the operating level since the onset of the pandemic in 4QFY2019. If the group excludes the impact of wage support recorded in the same quarter last year, operating performance improved by $13.0 million.
Analysts are overall optimistic on SIA Engineering (SIAEC) (SGX:S59
) , despite having a mixed bag of recommendations, as the group recorded a set of modest 1QFY2024 ended June results, which were largely in line with street estimates.
To recap, SIAEC on Jul 25 announced that its net profit came in at $27.0 million, some 111% y-o-y, while revenue increased by 52.7% y-o-y to $261.9 million. This improvement was driven by recovery of demand for line maintenance and maintenance, repair, and overhaul (MRO) services.
