SQ full year profits plummet

SQ full year profits plummet
By admin


Singapore Airlines saw profits tumble by 69% for the 2011/12 financial year, with the airline blaming high fuel prices and an “uncertain” global economy for the decline.
Although group revenue grew 2% to $14.8 billion on the back of a 3.6% increase in passenger carriage, net profits for the full year fell $756 million to $336 million as growth was offset by weaker yields.
Meanwhile, expenditure rocketed as jet fuel prices remained high throughout the year, pushing the group’s fuel bill up 29% to $1.3 billion and driving overall group expenditure up 10% for the year.
But the Group insisted it was well positioned for the year ahead with a “strong” balance sheet.
“Advance bookings for the coming quarter are higher year-on-year, albeit off a low base from the post-Japanese earthquake period last year,” a statement from the airline said.
However, it admitted promotional activities “necessitated by intense competition” would place downward pressure on passenger yields with fuel prices expected to remain high.

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