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SIA 2Q profits plummet by 70% to $65m
Only budget carriers reported stronger performance.
Singapore Airlines (SIA)'s net profit during the second quarter was $65 million, or $149 million lower than the second quarter last year.
The management said that on top of weaker operating results, lower dividends from long-term investments (-$88 million), Scoot's impairment on 777-200 aircraft (-$21 million), and weaker results from associated companies (-$18 million) added to the headwinds.
Only budget carriers reported stronger performance.
Singapore Airlines (SIA)'s net profit during the second quarter was $65 million, or $149 million lower than the second quarter last year.
The management said that on top of weaker operating results, lower dividends from long-term investments (-$88 million), Scoot's impairment on 777-200 aircraft (-$21 million), and weaker results from associated companies (-$18 million) added to the headwinds.
SIA's operating profit for the second quarter declined $20 million to $109 million (-15.5%), as the $174 million fall in expenditure was insufficient to cushion the $194 million reduction in revenue.
Most companies in the Group recorded weaker operating results amid a sluggish global economy.
SIA Cargo reported an $11 million loss while SIA Engineering's operating profit fell 7.4% to $25 million.
However, Scoot and Tiger Airways registered improvements year-on-year as the low-cost carriers continued to perform better on the back of an extended network and reduced operating expenditure. They registered operating profits of $5 million and $3 million respectively from losses a year ago.
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