SIA's Q1 earnings soar to S$91.2m on lower fuel costs
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Singapore
BOOSTED by lower fuel costs, Singapore Airlines (SIA) registered a net profit of S$91.2 million for the first quarter ended June 30 (Q1 FY2016), soaring from S$34.8 million for the corresponding quarter last year.
Revenue was S$3.73 billion, including contributions from now-subsidiary Tiger Airways, which was consolidated in October 2014. This compared with the year-ago quarter's S$3.68 billion. Stripping out Tiger, revenue slipped 3.2 per cent to S$3.57 billion as yields came under pressure due to stiff competition from rival carriers in the form of sizeable capacity growth and cut-throat fares, especially on routes such as the Americas and Europe.
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