SIA Group Q1 profit drops on subsidiary performance
Losses at its subsidiary carriers contributed to SIA Group posting a nearly 21% decline in Q1 net income. The group reported a net profit of SGD111mi (US$81.9m) for the quarter, down from SGD140m in the year-ago period. Total revenue rose 6.7% year-over-year to SGD4.1b, while expenses increased 6.9% to SGD3.9b. The gains were partially offset by losses at subsidiaries SilkAir and LCC Scoot. Parent airline SIA saw operating profit climb 28% to SGD232m. RPKs were up 9% and, despite a 7.4% capacity increase, load factor rose 1.2 points to 83.2%—a Q1 record. The group said its net income was also impacted by a “higher share of losses from associated companies,” with a performance improvement at Vistara, offset by higher estimated losses from its partnership with Virgin Australia. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-01/star/sia-group-q1-profit-drops-on-subsidiary-performance
https://portal.staralliance.com/cms/logo.png
SIA Group Q1 profit drops on subsidiary performance
Losses at its subsidiary carriers contributed to SIA Group posting a nearly 21% decline in Q1 net income. The group reported a net profit of SGD111mi (US$81.9m) for the quarter, down from SGD140m in the year-ago period. Total revenue rose 6.7% year-over-year to SGD4.1b, while expenses increased 6.9% to SGD3.9b. The gains were partially offset by losses at subsidiaries SilkAir and LCC Scoot. Parent airline SIA saw operating profit climb 28% to SGD232m. RPKs were up 9% and, despite a 7.4% capacity increase, load factor rose 1.2 points to 83.2%—a Q1 record. The group said its net income was also impacted by a “higher share of losses from associated companies,” with a performance improvement at Vistara, offset by higher estimated losses from its partnership with Virgin Australia. <br/>
