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SINGAPORE Airlines (SIA) sank into the red with a fourth-quarter loss of S$138.3 million, versus a net profit of S$224.7 million a year ago.
Aside from a weaker operating profit, the loss was also due to SIA Cargo's S$132 million provision for competition-related matters and the absence of a S$117 million refund received last year.
Revenue was more or less flat at S$3.72 billion, while loss per share worked out to 11.7 Singapore cents, compared to earnings per share of 19.3 cents a year ago.
For the quarter under review, fuel costs rose from S$924 million to S$967.2 million, partly due to a rise in fuel prices, which was offset by a reduction in fuel hedging losses.
For the full year, net profit clocked S$360.4 million, compared to S$804.4 million previously, while revenue slipped from S$15.24 billion to S$14.87 billion.
"Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields," flagged SIA.
The board has recommended a final dividend of 11 Singapore cents per share, payable on Aug 16.