Turbulent fourth quarter ahead for SIA as impact of outbreak takes hold
AFTER a decent Q3 showing, SIA is likely to fly into turbulence in the fourth quarter as fall-out from the Covid-19 virus outbreak weighs down operating performance.
Its third quarter earnings results beat forecasts, with net profit up 10.9 per cent year on year to S$315 million, lifted by stronger contributions from associates and joint ventures (JVs), as well as an improved operating performance. With its three-year transformation programme starting to pay off, revenue was 3 per cent higher at a record S$4.47 billion as lower revenues from the cargo business were offset by robust passenger revenue.
Shares in SIA have retreated since the spread of the virus started escalating in January, sliding from Jan 24's close of S…
A NEWSLETTER FOR YOU
SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
South Korea readies new system to detect illegal short-selling
Axiata, Sinar Mas move closer to US$3.5 billion telco merger
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’