SIA net profit down, operating profit up

Singapore Airlines sees mixed picture in Q3 results
Singapore Airlines reported a 1.7% rise in operating profit in its third quarter, to S$293 million (€194 million), but net profit fell 35.6% to S$177 million.
The stats for the three months ending December 31 were given a boost by falling net fuel costs, plus unexpected growth in cargo and mail. Net fuel costs declined $200 million, mainly due to a $256 million reduction in fuel hedging loss.
The company remains under pressure from weakening demand for full-service long-haul travel, as competition intensifies from low-cost and Middle Eastern carriers.
Operating profit at the main SIA brand fell 16.6% to S$151 million, was down 9.1% at the Silkair regional airline and was flat at low-cost subsidiaries Tiger Airways and Scoot.
The carrier said: “2017 is expected to be another challenging year amid tepid global economic conditions and geopolitical concerns, alongside other market headwinds such as overcapacity and aggressive pricing by competitors.”
Reuters

x

Check Also

iata, forecast, 20 year, China, USA, world, travel, air, airlines, demand, India, UK, Europe, Indonesia, Asia

Airbus: A380 production may end

But a deal with its biggest customer could still happen

Singapore Airlines, SIA, profit, year, operating, net, revenue, Korean air, quarter, 2016, 2017

Singapore Airlines flight on fire at Changi

Flames erupt from SIA Boeing aircraft on landing

premium economy, seating, SIA, Singapore Airlines, bid, upgrade, auction

SIA starts to auction seat upgrades

New bidding tool available invitation-only

pyjamas, Qantas, Singapore Airlines, premium, first class, luxury

Airlines go to war – over your pyjamas

Carriers battle over the finest exclusive nightwear

Scoot, Singapore, Greece, Athens, Europe, long-haul longest, low-cost, budget, SIA

Longest-ever low-cost route to start 2017

Singapore Airlines’ Scoot to make European debut

Korean Air, fee, charge, no-show, seat, miles

Airline to charge passengers for no-shows

Korean Air to introduce fees for international passengers