SIA sees soaring profit in Q4
Published: May 24, 2010
Singapore - Singapore Airlines (SIA) has seen its fourth quarter net profit soaring more than six-fold, thanks to the rebound of the global economy.
Net profit in the three months to March was S$278 million, up S$42 million in the same quarter the year before, said to a company's statement.
The fourth quarter earnings reversed the S$466 million losses recorded in the financial first half, and fourth quarter revenue hit S$3.34 billion, reported AFP.
The company was hit by a fall in travel and cargo demand due to the financial crisis that started in 2008. It suffered its first quarterly loss in six years in the three months that ended June 2009, with losses extending into the September quarter before a turnaround.
SIA's financial year ended before Europe's airspace closure, a result of the Icelandic volcano eruption that affected flights worldwide.
The airline said advance bookings for travel in the year ahead are encouraging, especially in business class. "Forward indicators suggest that the recent recovery in volumes of air cargo will hold up in the near term. Yields for both passenger and cargo should keep pace with the growth in demand."
The sustainability of improvements will depend on developments in the world economy and business and consumer confidence, said the company.
Meanwhile, fuel costs will continue to be a major expense for the airline.
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