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17 July 2020 Q1 Update SIA Engineering
https://links.sgx.com/FileOpen/SIAENGCO1...eID=624095
As at 30 Jun 2020
Rev $118.5m down 54%
Operating profit -$8m
Net Profit $10m
Share of profits os associated and joint venture companies $13m
The adverse impact of COVID-19 on the Group’s financial performance for the first quarter was cushioned by grants from government support schemes; most significantly, the Jobs Support Scheme (JSS). Without this support, the Group would have recorded a loss of $36.7 million. Under the Fortitude Budget, JSS has been increased to 75% for the aerospace MRO operators. We have applied the guidance by the Institute of Singapore Chartered Accountants on the accountingrecognition of the JSS government grants to accrue JSS grants over the period of March 2020 to December 2020.
Total assets stood at $2,018.7 million as of 30 June 2020, an increase of $13.2 million. The Group maintains a strong cash balance of $562.6 million with low borrowings.
Wear mask and keep your social distance, everyone.
https://links.sgx.com/FileOpen/SIAENGCO1...eID=624095
As at 30 Jun 2020
Rev $118.5m down 54%
Operating profit -$8m
Net Profit $10m
Share of profits os associated and joint venture companies $13m
The adverse impact of COVID-19 on the Group’s financial performance for the first quarter was cushioned by grants from government support schemes; most significantly, the Jobs Support Scheme (JSS). Without this support, the Group would have recorded a loss of $36.7 million. Under the Fortitude Budget, JSS has been increased to 75% for the aerospace MRO operators. We have applied the guidance by the Institute of Singapore Chartered Accountants on the accountingrecognition of the JSS government grants to accrue JSS grants over the period of March 2020 to December 2020.
Total assets stood at $2,018.7 million as of 30 June 2020, an increase of $13.2 million. The Group maintains a strong cash balance of $562.6 million with low borrowings.
Wear mask and keep your social distance, everyone.