SIA Group profits fall 47.5% on higher fuel costs; posts record revenue
SIA Group posted record revenue of SGD16.3b (US$12b), up 3.2% year-over-year for its 2018-19 fiscal year. However, the group—including LCCs SilkAir and Scoot—saw net profit fall 47.5% YOY to SGD683m from SGD1.3b in financial year 2017/18. SIA points the decline to increased expenditure in 2018, primary because of the rising costs of fuel, which jumped 25%. Operating costs rose 7% YOY to SGD15.3b with fuel taking up SGD4.6b. The carrier added that net finance charges increased SGD45m, as the group raised more borrowings during the year for aircraft purchases. Parent airline SIA managed to achieve SGD991m in profits, although down 35% YOY. It also saw an increase of SGD149m in non-fuel costs, because of expansion in operations and increase in staff strength. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-17/star/sia-group-profits-fall-47-5-on-higher-fuel-costs-posts-record-revenue
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SIA Group profits fall 47.5% on higher fuel costs; posts record revenue
SIA Group posted record revenue of SGD16.3b (US$12b), up 3.2% year-over-year for its 2018-19 fiscal year. However, the group—including LCCs SilkAir and Scoot—saw net profit fall 47.5% YOY to SGD683m from SGD1.3b in financial year 2017/18. SIA points the decline to increased expenditure in 2018, primary because of the rising costs of fuel, which jumped 25%. Operating costs rose 7% YOY to SGD15.3b with fuel taking up SGD4.6b. The carrier added that net finance charges increased SGD45m, as the group raised more borrowings during the year for aircraft purchases. Parent airline SIA managed to achieve SGD991m in profits, although down 35% YOY. It also saw an increase of SGD149m in non-fuel costs, because of expansion in operations and increase in staff strength. <br/>
