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Independent Singapore
29 minutes ago
- Independent Singapore
SIA Engineering's Q1 FY2025 profit jumps 29.2% to S$42.9M amid rising MRO demand and flight volumes
FB screengrab/ Singapore Airlines SINGAPORE: SIA Engineering Company (SIAEC) reported a 29.2% year-on-year (YoY) increase in net profit to S$42.9 million for the quarter ended June 30, 2025, thanks to continued higher demand for the company's maintenance, repair and overhaul (MRO) services and flight volumes in its line maintenance network. The company noted that it handled 3.5% more flights in Singapore during the quarter compared to a year ago. The Edge Singapore reported revenue for the first quarter of FY2025 was at S$358.4 million, up 33.4% from the same period last year, outpacing the group's total expenditure, which climbed 32% YoY to S$353.3 million amid higher material and manpower costs. As a result, SIAEC achieved an operating profit of S$5.1 million—S$4.1 million more than the previous year. The group's share of profit from its associated and joint venture companies rose to S$37.8 million for the quarter, marking a 35% increase compared to the same period last year. The engine and component segment added S$9.5 million to profits, while the airframe and line maintenance segment contributed S$0.3 million. The company said aircraft maintenance check volumes at its Base Maintenance in Singapore remained healthy, while setup efforts in Malaysia are on track, with the first of the two Subang hangars expected to be ready by year-end. Its new line maintenance joint venture in Cambodia is also slated to begin operations in the second half of the year. In April, SIAEC renewed its two-year term Comprehensive Services Agreements with Singapore Airlines and Scoot valued at S$1.3 billion. Its 55%-owned subsidiary, JADE Engineering, also secured a contract for Boeing 777 cabin retrofit services. As of June 30, 2025, the group's total assets stood at S$2.15 billion, marking a slight increase of 0.3% from March 31, 2025. Looking ahead, the company said in its press release on Tuesday (July 22): 'The sustained growth in passenger traffic, especially in Asia-Pacific, is expected to continue to drive MRO demand. However, we remain vigilant to the challenges arising from the broader macroeconomic environment, such as heightened geopolitical tensions, tariff and trade policy developments, and ongoing supply chain issues.' /TISG Read also: Singapore Airlines tops Travel + Leisure's 2025 international airlines list again () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
CNA
29 minutes ago
- CNA
Jersey sales surge for Arsenal, Newcastle United and AC Milan ahead of Singapore friendlies
SINGAPORE: Jersey sales of Arsenal, Newcastle United and AC Milan in Singapore have jumped by more than 20 per cent as football fever hits town. Local fans told CNA that they are excited to welcome the teams, with many hoping to catch a glimpse of their favourite players and even score autographs during their visit. These European clubs are in Singapore this week for two pre-season friendly matches at the National Stadium. SURGE IN SALES Arsenal will take on Italian giant AC Milan on Wednesday (Jul 23), before taking Premier League rivals Newcastle on Sunday. Sports store Weston Corp has been accelerating preparations this week, including for an AC Milan event in Singapore on Tuesday, geared up to welcome both players and fans. It said that pre-season tours such as these often bring a surge in foot traffic and sales. 'Every time there's a pre-season (tour here), we do see an uptick in business,' said Mr Ami Chopra, sales director of football at Weston Corp. 'When those jerseys launch, you do see a slight, significant increase. Come closer to the date, people (feel like because their) team's playing, they need to wear something,' he added. 'So usually (because of) impulse buys, (we) will have quite a big spike in sales.' The store will also run pop-up booths offering exclusive gear on match days, with extra staff on hand to meet the expected rise in demand. BRINGING PEOPLE TOGETHER For Newcastle fan Terence Ong, buying jerseys is a ritual. He has amassed 85 Magpies shirts in his collection since the 1990s, including the Carabao Cup winners' print this year to celebrate the club's first domestic trophy in more than 70 years. The local fan club NUFC-SG has also produced a special tee to mark Newcastle's visit. 'I think the club is realising now that there is an untapped market in Asia,' said Mr Ong, who is a committee member of the fan club. 'I like to think that it shows a trend that they want to engage the Asian fans a lot more,' he added. 'And for us, getting our fellow official supporters clubs down from the other parts of Asia itself represents more than just strengthening our bonds, it also gives all of us a chance to show Newcastle United the power or the strength of the Asian fan base here.' For him and Singapore's 2,000-strong Toon army, football is also about bringing people together. Plans for food drives and football clinics are in the pipeline to use sports to give back to the community. For Arsenal fan Shaiful Rahman, he is looking to connect with fellow supporters from other Asian countries for the game. 'The main excitement for us is when we organise a fan party for all the regional friends who are coming to Singapore,' said the president of the Official Arsenal Singapore Supporters Club. 'It's kind of like a form of appreciation for them taking the trouble to fly here and getting to know each individual supporters club.' He noted that there is also a deeper purpose behind it all, adding: 'It's the networking, getting to know each other, being Singaporean, supporting one another. I think that is the key to it.'
CNA
29 minutes ago
- CNA
South Korea sees record birth rate growth for Jan-May
SEOUL South Korea registered record birth rate growth during the first five months of the year, a statistics agency official told AFP on Wednesday (Jul 23). The country has one of the world's longest life expectancies and lowest birth rates - a combination that presents a looming demographic challenge. Seoul has poured billions of dollars into efforts to encourage women to have more children and maintain population stability. "The number of newborns for the January-May period stood at 106,048, a 6.9 per cent increase, the highest growth rate since such data collection began in 1981," said Kang hyun-young from Statistics Korea. The surge follows South Korea's first annual increase in the number of births in more than a decade, driven by a rise in marriages. In 2024, the number of newborns rose by 8,300, or 3.6 per cent, to 238,300 from the previous year. April in particular saw a spike, with year-on-year growth reaching 8.7 per cent and the number of births totalling 20,717 that month. The latest figure marks a sharp turnaround from early 2024, when the number of births for the January-May period dropped by 2.7 per cent from the previous year. The fertility rate, or the average number of babies a woman is expected to have in her lifetime, for May stood at 0.75. The country needs a fertility rate of 2.1 children in order to maintain the country's population of 51 million. At current rates, the population will nearly halve to 26.8 million by 2100, according to the Institute for Health Metrics and Evaluation at the University of Washington in Seattle. MARRIAGE CORRELATION The increase is attributable "to a rise in the number of women in their early 30s, leading to an overall increase in marriages", Kang told AFP. "In South Korea, there is a strong correlation between marriage and childbirth, which has driven the increase in births during the first five months," she added. In 2024, the country saw a 14.8 per cent on-year increase in the number of marriages, with more than 220,000 couples tying the knot. Many government benefits designed to support child-rearing do not cover parents who are not legally married. Analysts say there are multiple reasons for the low birth rate, from high child-rearing costs and property prices to a notoriously competitive society that makes well-paid jobs difficult to secure. The double burden for working mothers of managing the brunt of household chores and childcare while also maintaining their careers is another key factor, they say. In a bid to reverse the trend, the South Korean government offers cash subsidies, babysitting services, and support for infertility treatment. Neighbouring Japan is grappling with the same issue - it has the world's second-oldest population after Monaco, and the country's relatively strict immigration rules mean it faces growing labour shortages.
