SIA sinks into the red in Q4 FY17
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama