SIA Q1 profit hit by lower revenue, associates' losses
Weaker yields and softer travel demand from some key Asian markets
SINGAPORE Airlines (SIA) chalked up a 71.4 per cent drop in net profit to S$34.8 million for the first quarter ended 30 June, 2014, as revenue declined and share of losses of associated companies soared.
Revenue was 4.1 per cent lower year-on-year at S$3.68 billion as passenger revenue fell on the back of weaker yields and softer travel demand from some key Asian markets. For the quarter under review, earnings per share were three Singapore cents, down from 10.4 Singapore cents.
Expenditure eased 3.1 per cent to S$3.64 billion with fuel costs - a major expense for airlines - coming down from S$1.44 billion in 1QFY13/14 to S$1.37 billion in 1QFY14/15. The group recorded a hedging gain of S$20.4 million in the quarter, versus a hedging loss previously.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Huawei’s smart car tech offers automakers route to China sales
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens