SQ H1 Profits Down 62%

Discussion in 'Singapore Airlines | KrisFlyer' started by Chimpy, Nov 6, 2011.  |  Print Topic

  1. Chimpy
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    Chimpy Gold Member

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    The Singapore Airlines Group has reported a net profit of $239 million in the first half of the 2011-12 financial year, $394 million (-62%) lower than the same period a year ago.

    Operating profit declined to $134 million, $462 million (-78%) lower than the first half of the previous financial year.

    Group revenue grew $180 million (+3%) to $7,277 million, supported by higher passenger carriage and flat yields, despite increased competition and weak business sentiment.

    Group expenditure at $7,143 million was higher by $642 million (+10%), while expenditure on fuel increased $747 million (+35%) as jet fuel prices spiked 45% over the same period last year. This was partially offset by a $118 million year-on-year improvement in fuel hedging.

    All the main companies in the group recorded weaker operating results for the first half of the financial year. The operating profit of the parent airline company fell $327 million (-86%), owing to higher fuel expenditure which increased $643 million (+37%) to $2,384 million. With stringent cost discipline, passenger unit cost excluding fuel declined 7%.

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  2. General_Flyer
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    Anybody seeing cuts in services in the future? or maybe a more positive one, price cuts? :p
     
  3. cennas
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    cennas Gold Member

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    They should try to woo back their once-loyal flyers who have defected to their competitors in recent years :)
     
  4. Rejuvenated
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    I certainly would welcome them switching back PPS qualifications/renewals based on sectors/miles as oppose to $$ figures. :)
     
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  5. General_Flyer
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    That I would agree as long as I can still double dip.. :D
     
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  6. cennas
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    cennas Gold Member

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    +1000! But I'm probably one of those they were trying to get rid in the first place, as when I was QPP I mainly flew regionals and spent less than half of the current $$$ requirements to requal each year.
     
  7. cennas
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    cennas Gold Member

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    That's the best feature of all I'd say... :)
     

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