Singapore Airlines reports 9% drop in operating profit

Singapore Airlines reports 9% drop in operating profit

Singapore Airlines reports 9% drop in operating profit

At the time, it was in the process of growing its fleet up to 17 747-400Fs, and it was better-suited to carry out its expansion as a standalone all-cargo airline, recaps SIA in a Friday premarket filing to the SGX.

"Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields", SIA said in its full year results released on the Singapore stock exchange on Thursday evening.

It added that the reintegration is not expected to have a material impact on SIA's financial performance in 2017/18 financial year.

Singapore Airlines was expected to take delivery of 13 aircraft in fiscal 2018 comprising 10 A350-900s and three A380s, with 12 of the 13 expected to be in service by the company's end of financial year date of March 31 2018.

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Singapore's national carrier reported a net loss of SGD138.3 million in its fiscal fourth quarter, which compares to a net profit of SGD224.7 million for the same period a year ago.

SilkAir, now operating 30 Airbus and Boeing single-aisle aircraft, will get its first four 737 MAX 8 aircraft in 2017-18, while Budget Aviation Holdings will add four 787s.

The dip in profit was attributed to intense competition amid persistent cost pressures, said SIA.

Nevertheless, strategic policies to address structural changes are starting to demonstrate positive results, it added.

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To that end, SIA said it had established a wide-ranging review of the airline group's network, fleet, product and service, as well as organisational structure and processes as part of efforts to build on the strategic initiatives now being implemented and achieve long-term sustainable growth.

To position the group for growth in the budget and regional markets, SIA took a stake in budget carrier Tigerair, which was set up in 2003, and now owns the entire airline.

In addition to a S$58 million decline in operating profit for the year, the airline said the fall in net profit was largely attributable to SIA Cargo's S$132 million provision for "competition-related matters", and the need to return U$117 million to the European Commission after it re-imposed a cartel fine. Load factor edged down 0.8 percentage points to 79.0 percent as a result. "Cargo remains an important part of our business, and we remain committed to operating a fleet of dedicated freighter aircraft to carry specialised cargo and provide feed to the overall SIA Group network".

The group's cargo operations moved back into the black with a $S3m operating profit as freight carriage grew by 5.9 per cent. Revenue fell $S89m as cargo yield slid 10.7 per cent but expenditure fell a higher $S142m due mainly to lower fuel costs.

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