Singapore Airlines profits dive
High fuel prices were largely to blame for wiping almost US$1bn off Singapore Airlines’ Group operating profit last year.
The company made just $286m, down 77% on the previous year, following a 29% increase in fuel costs.
The operating profit of the parent airline to the year ended March 31 fell $670m, down 79%, due to higher fuel costs and weakening demand.
Subsidiary SilkAir made an operating profit of $105m, down from $121m in 2010/11.
The company said advanced bookings for the coming quarter were up year on year, although business this time last year was suffering from the post-Japan earthquake.
Competition is expected to push fares down, especially in Europe and the US, it said. Fuel prices are expected to remain high.
"The Group will continue to monitor the patterns of demand, seeking out growth opportunities and reviewing unprofitable routings," it said.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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