Singapore Airlines swings back to Q1 profit

But fuel hedging makes a big impact on full-year results
Singapore Airlines returned to an operating profit of SGD 91.9 million (€60.8 million) for the January-March period, compared to a loss of SGD 60.3 million the previous year. This means that for the full year to the end of March, operating profit rose 58% to SGD 409.4 million.
However, it posted a full-year fuel hedging loss of SGD 549 million due to lower oil prices and in a statement pointed to weaknesses such as tough competition and poor demand on key routes.
“Market conditions remain challenging amid an uncertain global economic outlook,” it said. “Demand in key markets is soft, primarily on Americas and European routes.”
In recent years, Singapore Airlines has diversified away from its mainstay full-service business, launching long-haul low-cost carrier Scoot, buying a majority stake in budget airline Tiger Airways, and setting up Vistara, a full-service airline in India.
[pictured: Upgraded cabin products in SIA’s 777-300ERs; image courtesy Singapore Airlines]


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