Singapore Airlines' Q3 earnings fall 36%
Operating profit higher as net fuel costs fall but bottom line was hit by write-down and absence of one-time gain
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Singapore
WEIGHED down by a write-down and the absence of a gain, Singapore Airlines (SIA) reported a near 36 per cent year-on-year drop in net profit to S$177.2 million for its fiscal third quarter ended Dec 31, 2016.
The group recognised a S$79 million write-down of the Tigerair brand and trademark, as part of plans to fold Tiger Airways under the Scoot brand from the second half of 2017. In addition, there was an absence of a S$52 million gain from SilkAir's sale and leaseback of four B737-800s reported last year. This was partially offset by a S$30 million reduction in tax expenses.
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