SIA returns to profit, restores paycuts

PROFIT    AIRLINES

Singapore - Singapore Airlines (SIA) said it returned to profitability in the latest quarter, and will be partially restoring the 10% pay cut imposed last year.

SIA reported a net profit of S$403.7 million (approximately US$286 million) for the three months ended 31 Dec, a best quarterly profit in almost two years.

The stellar profits are a turnaround from the airline's losses of S$466 million (approximately US$331 million) in the first and second quarter of this financial year which ends 31 March.

Employees of the airline can expect to be relieved of the 10% pay cut they underwent last year after the company incurred losses from April to September in 2009, local newspapers reported.

"Passenger loadings in January and bookings in hand indicate that the recovery in the third quarter is likely to continue in the final quarter of the current financial year," SIA said in a statement.

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