The group has made provisions for the impairment of asset values during the FY2020/2021 due to the negative impact of Covid-19 on the aerospace industry. This includes a $35.0 million impairment provision made on Base Maintenance unit’s assets and an $11.4 million impairment provision on the investment in an engine programme.
SIA Engineering Company has reported a net loss of $11.2 million for the FY2020/2021 ended March, compared to earnings of $193.8 million in the year before.
The group’s financial performance was “substantially cushioned” by grants from government support schemes, especially the jobs support scheme (JSS), without which, the group would have recorded a loss of $192.4 million for the FY2020/2021.
