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Excluding the Job Support Scheme (JSS) of $181.2 million, the company’s net loss would have widened to $192.4 million.
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OCBC believes the MRO environment remains challenging due to deferred checks, extension of maintenance intervals and less MRO spending because of early retirement of older aircraft.
“While we could see a recovery in travel demand in 2H2021, it could take a few months for the benefits to filter down to SIAEC’s airframe maintenance and component overhaul business,” OCBC analyst Chu Peng writes in a note dated May 7.
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As at 11.53 am, SIAEC was down 3 cents or 1.3% at $2.23 with 253,700 shares changed hands.
