by Musicwhiz » Wed Jul 25, 2012 2:28 pm
SIAEC has just released its 1Q FY 2013 results ended June 30, 2012.
Revenues rose +8.2% y-o-y, but due to higher staff costs, operating profits fell -0.9%. The saving grace came from share of profits from JV and associates, which increased +7.5% from $37.2m to $40m. As a result, profit attributable to shareholders increased 3% to $70.1m.
SIAEC continues to maintain a clean Balance Sheet with $574.5m in cash and just $2.2m in loans, for a net cash balance of $572.3m.
Looking over to the CFS, OCF has improved from $45m last year to $54m, while capex has not increased much (just $0.4m). Dividends received from JV and associates increased $3.7m to $36m, with ICF registering a +ve $20.1m from $13.3m last year. The result is that OCF + ICF yields $74m for 1Q 2013 compared to $58.3m last year.
Looking at the healthy cash position of SIAEC, and the fact that global aviation is still growing despite the Euro problems and China's slowdown, would it be unreasonable to expect an increased interim dividend of 7 cents/share (1H 2012: 6 cents/share) come Oct 2012?
(Vested)