SIA Engineering Company (SIAEC) has guided that all segments of the group were impacted for 1HFY2020/2021 ended September due to the continued adverse impact brought about by the Covid-19 pandemic.
See also: SIAEC announces pay cuts, other measures to help manage costs amid Covid-19 outbreak
The group will also be recognising a non-cash impairment provision against its base maintenance unit’s assets due to the “significant decline” in hangar revenue projections owing to lower flight hours, a large number of aircraft that are out of operations and parked, as well as the likelihood of older aircraft not returning to operations.
SIAEC says it is working on finalising the quantum of impairment, which is expected to have a material impact on its financial results for 1HFY2020/2021.
SIAEC says it expects to release its financial results in early November.
Shares in SIAEC closed flat at $1.73 on Oct 27.
