Singapore Airlines reports net loss in fourth quarter
Singapore Airlines reports net loss in fourth quarter
SIA Cargo to be Re-Integrated as Division within Singapore Airlines
20 May, 2017, 01:27
Shares of SIA - the only Asian airline to have flown the Concorde and the first in the world to fly the A380 superjumbo - have risen 11 per cent this year, lagging behind the 15 per cent gains for the Bloomberg Asia Pacific Airlines Index.
There was an operating profit of S$623 million in the 2016-17 financial year.
The move comes after SIA on Thursday reported a net loss of S$138 million for its fourth quarter, with earnings dragged down by a S$132 million provision for SIA Cargo over a competition law case in Europe.
Singapore Airlines said in its outlook that "intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields".
As part of efforts to adapt to this new environment, SIA established Scoot to capture a slice of the growling low-priced long-haul market, while it recently took full control of short-haul LCC Tigerair Singapore.
SIA said it will be "business as usual from a customer perspective", as there will be no change to SIA Cargo's operations. It also expected its decision to operate Scoot and Tiger under the Scoot brand to deliver advantages.
Despite the loss, many strategic initiatives implemented to address structural changes in the industry are now showing positive results, the airline said.
The process, aimed at improving efficiency, is expected to be completed in the first half of 2018.
SIA said full year revenue across the airline group was down 2.4 per cent to S$14.87 billion. SIA said this was affected by a 3.8 per cent contraction in passenger yield and a 1.4 per cent decline in passenger traffic. The main airline reported an operating loss of S$41 million, while total revenue fell 2.7 per cent, fuelled by the passenger yield erosion, it said in the statement. "Building on this foundation, the next phase of the SIA Group's transformation has been launched". Load factor edged down 0.8 percentage points to 79.0 percent as a result. The soft global cargo market helped push yield down 10.7 percent though, contributing to a revenue decline of SGD$89 million.
Besides a weaker operating profit (-$58m), SIA says the deterioration in group net profit was largely attributable to SIA Cargo's provision for competition-related matters (-$132m) and absence of a refund received a year ago (-$117m).
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