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SIA said Tuesday that its Q2 net profit nearly tripled from the same period last year, but warned that headwinds remain from intense competition in key markets. Net profit for its fiscal Q2 ended September rose 192% year-on-year to SGD190m (US$139.35m), led largely by stronger operating results, SIA said. Operating profit for Q2 113% to SGD232m, as a SGD195m improvement in revenue surpassed a SGD72m increase in expenditure. The companies in the group recorded mixed results: The parent airline company and SIA Cargo posted earnings growth, while Scoot and SilkAir recorded weaker earnings. Operating profit for the parent airline company more than doubled year-on-year to SGD170m in Q2, in part due to higher passenger flown revenue from a 2.3% increase in passenger traffic. <br/>

Finance minister Malusi Gigaba says South African Airways’ newly appointed CE Vuyani Jarana has been tasked with regaining the confidence of the public by establishing clear control measures at the embattled airline. Gigaba has given an update on operations after the new board was put in place. The airline recently received a bailout of over ZAR3b to repay a loan to Citibank. Gigaba says he’s instructed SAA’s new board to ensure a clear delineation of roles in dealing with issues at the carrier. He says CE Jarana has a major role to play in reassuring the public. “One of the things that the new CE must do is to establish very clear control measures that will improve the operation of the airline.” Gigaba says a turnaround plan has been put in place to help bring the airline back to financial sustainability. <br/>