Singapore Airlines Group (SIA) reported net income of S$336 ($269.5 million) for its fiscal year ended March 31, a 69% drop from a S$1.09 net profit in the prior year. It also sunk to a fiscal fourth-quarter net deficit of S$38.2 million, reversed from a S$171 million profit in the 2011 March quarter.
“High fuel prices and an uncertain global economy weighed heavily” on the results, SIA said in a statement.
SIA’s passenger airline unit saw its fiscal-year operating profit fall 79% year-over-year to S$181 million. SIA said the steep drop “was principally on account of higher fuel expenditure [up 30%] and weaker yields.” Fiscal-year passenger yield was virtually flat year-over-year at S$0.118. Traffic rose 3.5% to 87.82 billion RPKs on a 4.9% lift in capacity to 113.4 billion ASMs, producing a load factor of 77.4%, down 1.1 points.
During the March quarter, SIA took delivery of two Airbus A380-800s, retired two Boeing 777-200s and a 747-400, and returned a 777-200 and a 747-400 that had been on lease. As of March 31, the carrier operated 100 passenger aircraft: a 747-400, 59 777s, 19 A330-300s, 16 A380-800s and five A340-500s.
In SIA’s fiscal year started April 1, it plans to take delivery of three A380-800s and one A330-300. It will retire three 777s and a 747-400. Two 777-200ERs are slated to return to SIA’s fleet after lease to Royal Brunei Airlines. It will operate 102 passenger aircraft by March 31, 2013, with full fiscal-year capacity expected to rise 3% year-over-year.
Article Source : ATW Daily News
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