But operating profit increases by 6% to $142 million
The SIA Group registered a net profit of $168 million for the first half of its 2012-13 financial year, a decline of $71 million (-30%) over the same period last year. The group said that the result was mainly attributable to lower non-operating items as Singapore Airlines benefited last year from a higher surplus on the disposal of aircraft and spare engines.
The group’s operating profit increased by 6% to $142 million. This was mainly down to improvement from the first quarter – but off a low base following the Japanese earthquake in the previous year. The operating profit for the second quarter was much weaker (-$53 million).
Group revenue grew by 4% to $7,571 million, on the back of 8% growth in passenger carriage, partially set off by a 3.4% decline in yields. Group expenditure rose 4% to $7,429 million, principally on account of higher fuel costs.
Singapore Airlines took delivery of two A380-800s during the period. Its fleet comprises 101 passenger aircraft including 19 A380-800s. SilkAir’s fleet consists of 22 aircraft, mainly A320-200s.
[pictured: SilkAir flight attendants; courtesy SilkAir]