SINGAPORE: Singapore Airlines (SIA) on Thursday (May 18) reported a net loss of S$138 million in its fourth quarter from January to March, reversing from a S$225 million net profit in the same period last year.
Fuel costs before hedging increased $331 million in the quarter, due to a 50.7 per cent surge in average fuel prices and a stronger US Dollar against the Singapore Dollar.
The company also said that passenger flown revenue fell $17 million despite a 5.5 per cent traffic growth.
"Intense competition continues to exert pressure on yields amidst persistent cost pressures," SIA said in a news release.
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FULL-YEAR OPERATING PROFIT DOWN 9% TO $623 MILLION
Intense competition continues to exert pressure on yields amidst persistent
Our airline portfolio, multi-hub and new business strategies are taking shape
and have laid the foundation for growth
Next phase of the SIA Group's transformation launched, to identify new
revenue-generation opportunities and significantly improve the cost base
Final dividend of 11 cents per share