SIA FY profit down, Korean Q1 profit up

Singapore Airlines net profit falls 55% for full year
Singapore Airlines has posted a 55% drop in full-year net profit, as a poor fourth quarter hit the overall result. SGD$360.4 million (€232.5 million) was the net profit for the year, with pre-tax profit at SGD$518.6 million.
The airline suffered a fourth quarter pre-tax loss of SGD$132.1 million, a long way from the SGD$243.2 million profit it saw in the same period the previous year. It blamed rising fuel costs – particularly as offshoots Scoot and Tiger Airways added double-digit capacity. Revenue for the year fell 2.4% to SGD$14.87 billion.
Korean Air, meanwhile, swung to profit in the first quarter, with net profit at KRW559 billion (€446 million), compared to a loss for the same period last year. A foreign currency gain added KRW747 billion to the result. Revenue for the quarter was flat at KRW2.87 trillion. Operating profit was 41% down at KRW192 billion.


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