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The SIA Group has reported a net profit of $253
million in April June 2010. This was a turnaround of $560
million from the loss of $307 million recorded in the same quarter
a year ago.
Group revenue at $3,466 million grew 20.7%
(+$594 million), reflecting the recovery in load factors and
yields.
Group expenditure also increased year-on-year
but at a slower rate of 0.8% (+$24 million). This was due
mainly to higher expenditure on fuel (+$313 million or +42.4%),
partially offset by smaller loss from fuel hedging ($78 million
this year versus $287 million last year), as well as other
non-fuel expenditure savings of $80 million.
Group operating
profit for the quarter was $251 million, a turnaround of $570
million from the $319 million operating loss last year.
The
Parent Airline Company earned an operating profit of $136 million
in the first quarter of the 2010-11 financial year, in contrast
to the operating loss of $271 million last year. All the main
companies in the Group were profitable during the period and
performed better year- on-year.
SIA Cargo Operating profit of
$ 60 million (loss of $104 million in 2009)
SIA Engineering
Operating profit of $ 36 million (profit of $12 million in 2009)
SilkAir Operating profit of $ 15 million (loss of $3 million in
2009)
The Parent Airline
Company carried 4 million passengers during the first quarter, a
year-on-year increase of 5.5%.
Capacity in ASKs
was practically unchanged from last year while passenger
carriage (in revenue passenger kilometres) was 8.8% higher. Consequently,
the passenger load factor improved 6.8 percentage
points to 78.4%.
Passenger break even load factor at 76.9%, was
lower by 7.4 percentage points year-on-year, as passenger yield
recovered by 14.7%.
SIA Cargos freight traffic (in load
tonne-kilometres) for the first quarter was up 12.1%
year-on-year, against capacity growth (in capacity tonne-kilometres) of 4.5%.
As a result, cargo load factor rose
4.4 percentage points to 65%. The cargo yield improved 42.3%
compared to the same period in the preceding year, and with unit
cost increasing at a slower pace (+10.9%), the cargo break even load
factor fell 17.1 percentage points to 60.5%.
The Fleet
In the April June 2010 quarter, the company took
delivery of four A330-300s and decommissioned six Boeing 777s (four
for lease and two for sale). As at 30 June 2010, the operating
fleet comprised 106 passenger aircraft seven Boeing 747-400s, sixty nine 777s, fifteen A330-300s, ten A380-800s and five
A340-500s with an average age of 6 years and 1 month.
The Outlook
The airline has said that advance bookings indicate that the
year-on-year recovery in passenger carriage and yields evident
in the quarter to June will hold up for the rest of 2010.
Similarly, leading indicators, as well as sentiment among shippers
and forwarders, suggest that the recent resurgence in air
freight may be sustained in the near term, although the rate of
growth may abate.
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