SIA Group subsidiaries help boost annual net profit

SIA Group reported net profit of S$804.4m (US$568.7m) in its fiscal year ended March 31, more than doubling a $367.9m net profit in its previous fiscal year. The airline cited a combination of higher revenue from subsidiary airlines, income from the release of 7 Airbus A350-900 delivery slots, and lower net fuel costs for the results. Group revenue for the fiscal year fell 2.2% year-over-year to $15.2b, while total expenses lowered 4% to $14.55b, producing an operating profit of $681.2m, up 66.4% year-over-year. Consolidated Group passenger traffic increased 2% year-over-year to 119b RPKs, while capacity inched up a scant 0.6% to 149.2b ASKs. Load factor was 79.8%, up 1.3 points from the prior fiscal year. SIA reported an operating profit of $485m for FY2015-16, up 42.6% from FY2014-15. <br/>