Tuesday May 23, 2006

Singapore Airlines profit slips

news.airwise.com :

Singapore Airlines suffered its fifth straight quarter of lower profits due to record fuel costs and said the soaring price of jet fuel was its main headache. SIA spent SGD$1.12 billion (USD$714 million) on jet fuel for its 90 aircraft in the three months to March - or more than four times as much as its net profit of SGD$266.3 million (USD$169.8 million) for the same period. The airline faces "runaway fuel prices", Chief Executive Chew Choon Seng said.

For the full year to March, the state-controlled airline reported a net profit of SGD$1.24 billion (USD$790.5 million) - down 8.3 percent on the previous year. Its annual fuel bill was SGD$4.24 billion (USD$2.7 billion), up 57.5 percent from a year ago and higher than ever before.

Even with the rocketing cost of fuel, Singapore Air - unlike many other airlines - has never made an annual loss. Among the world's most profitable airlines, Singapore Air is 57 percent-owned by Temasek, Singapore's state investment arm. Industry group IATA says airlines lost a total of USD$6 billion last year, including big losses by US carriers, mainly due to higher fuel costs.

See also :

1. Malaysia Airlines to chop 6000 under MYR 600m scheme
2. More fuel woe for Japan Airlines
3. Airlines must consolidate fast or die : Swiss Int'l chief
4. Airlines cram more fliers into fewer seats, flights
5. Soaring fuel costs cut SIA 3Q2005 profit by 14.6%

(2006-05-23 12:46:54 SGT) [Biz] Permalink

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