SIA Q4 profits increase six-fold
23 / 05 / 2010
SINGAPORE Airlines (SIA) has posted a six-fold increase in profits for the fourth quarter. Net profit from January to March was US$197 million, up from $29 million the year before.
Combined with the $286 million profit for the third quarter this reverses the $330 million loss made in the first two quarters of the financial year, in the middle of the industry low.
However, for the full year ending 31 March, the carrier’s net profit was still down 79 per cent from the previous year’s results, from $752 million down to $152 million
“Forward indicators suggest that the recent recovery in volumes of air cargo will hold up in the near term,” the airline said in a statement. “Yields for…cargo should keep pace with the growth in demand.”
SIA Cargo managed to make a gross profit of $8 million compared to a loss of $123 million the year before.