SIA Group Q1 net profit down 57% on rising fuel costs
SIA Group has reported a net profit of S$149m (US$109.3m) for the June quarter in its fiscal first period, down 57% year-over-year from net profit of $346.5m in the year-ago period. SIA Group earned $193m in operating profit. Year-over-year, profits fell $212m despite an 8.3% increase in passenger traffic, and total passenger and cargo revenue up $178m. SIA—which said increasing fuel prices “adversely affected” its operating performance—reported that fuel costs rose 39.3% to $26 per barrel and total fuel costs for the group rose by $312m before hedging. This resulted a 5.6% YOY increase of group expenditure of $3.7b. The group added that ex-fuel costs were 1.5% higher, partly because of expansion by subsidiaries SilkAir and Scoot. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-07-31/star/sia-group-q1-net-profit-down-57-on-rising-fuel-costs
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SIA Group Q1 net profit down 57% on rising fuel costs
SIA Group has reported a net profit of S$149m (US$109.3m) for the June quarter in its fiscal first period, down 57% year-over-year from net profit of $346.5m in the year-ago period. SIA Group earned $193m in operating profit. Year-over-year, profits fell $212m despite an 8.3% increase in passenger traffic, and total passenger and cargo revenue up $178m. SIA—which said increasing fuel prices “adversely affected” its operating performance—reported that fuel costs rose 39.3% to $26 per barrel and total fuel costs for the group rose by $312m before hedging. This resulted a 5.6% YOY increase of group expenditure of $3.7b. The group added that ex-fuel costs were 1.5% higher, partly because of expansion by subsidiaries SilkAir and Scoot. <br/>
