SIA Q1 profit improves on higher revenue

SIA reported a higher operating profit for Q1, as group revenue rose 5.6%. Total revenue for the quarter to end June came in at S$3.86b, from the previous year period’s $3.66b. Operating costs rose 3.4% to $3.58b, resulting in an operating profit of $280.8m. The full service SIA contributed $241m of the operating profit, but regional carrier SilkAir and budget brands Tigerair and Scoot only managed a $10m contribution to profits between them. Net profit fell in comparison to Q1 2016 as last year included proceeds of the sale of the airline’s stake in Hong Kong Aero Engine Services. Q1 net profit came in at $235m, down $22m from last year. Group airlines carried 8.14m passengers in the quarter, a 6.6% increase from the previous year. <br/>