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Singapore Airlines swings to S$138m net loss in Q4


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#1 flee

flee
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Posted 18 May 2017 - 07:49 PM

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.
 

FULL-YEAR OPERATING PROFIT DOWN 9% TO $623 MILLION
 
 Intense competition continues to exert pressure on yields amidst persistent
cost pressures
 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 
 
SGX announcement:


#2 flee

flee
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Posted 07 June 2017 - 03:39 PM

Singapore Airlines becomes second Asian carrier to announce job cuts after cull of 600 roles at Cathay Pacific last month

 

Airlines struggling to compete for transit passengers with Middle East and Chinese mainland airport hubs and unable to rely on growth in their own limited home markets

 

Following a shake-up at Cathay Pacific that led to 600 job losses, the turbulent times for Asian airlines look set to continue with Singapore Airlines indicating many jobs may become “irrelevant” as it embarks on a “radical review” of its business.

 

The airlines, which pride themselves on offering quality, have lost money to intense competition from budget carriers in the region and international long-haul markets led by Middle East carriers.
 
The problems at Hong Kong’s flagship carrier resulted in a review that led to a cull of 600 employees last month – Cathay’s biggest jobs cut in 20 years.
 
Singapore Airline’s chief executive Goh Choon Phong, who stepped up to the role of chairman of a global airline body on Tuesday, told reporters that some jobs would become “irrelevant” while others would be redeployed. Goh had earlier said he would be “leaving no stones unturned” in his transformation strategy.
 
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