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Peer Review: Combined revenues of USD4.8bn, net profit of USD67m for SIA, MAS and Thai Airways

25-Aug-2010

Singapore Airlines, Malaysia Airlines and Thai Airways reported mixed financial results in the three months ended Jun-2010, with combined revenues of USD4.8 billion and a combined net profit of USD66.5 million, for a collective net profit margin of 1.4%. Malaysia Airlines dragged the result down in the quarter, with a net loss of USD168 million, while SIA Group and Thai Airways were profitable in the period, with handsome net profits of USD186 million and USD49 million, respectively. [2844 words]

Unlock the following content in this report:

Subheadings:

  • Malaysia Airlines swings to net loss in 2Q2010 due to higher fuel spending and hedging losses
  • Malaysia Airlines reports weak net loss margin; net profit margins for Thai Airways and Singapore Airlines
  • MAS sees larger revenue growth than Singapore Airlines and Thai Airways
  • Singapore Airlines yield growth exceeds MAS; MAS CASK lower than SIA’s
  • 'More opportunity' for MAS to increase yields ahead
  • SIA returns to profit in first quarter; expecting recovery to continue
  • Singapore Airlines has strong cash balance; MAS much weaker
  • Recovery in yields but still not back to 2008 levels
  • SIA load factors notably higher than Malaysia Airlines and Thai Airways
  • Thai Airways' second quarter net profit beats forecast
  • Thai has lowest CASK and RASK levels; SIA sees RASK exceed CASK levels
  • Thai Airways shares take off; shares in Singapore Airlines and MAS flat
  • Asia Pacific leading the airline industry back to profitability in 2010

Graphs and data:

  • SIA Group, Malaysia Airlines and Thai Airways financial highlights for the three months ended Jun-2010
  • Malaysia Airlines operating profit margin and net profit margin: 1Q2009 to 2Q2010
  • Malaysia Airlines, Singapore Airlines and Thai Airways net margin: 1Q2008 to 2Q2010
  • Malaysia Airlines, Singapore Airlines and Thai Airways revenue growth: 1Q2008 to 2Q2010
  • Malaysia Airlines revenue growth: 1Q2008 to 2Q2010
  • Malaysia Airlines passenger numbers and passenger load factor: 2Q2008 to 2Q2010
  • Singapore Airlines Group operating profit margin and net profit margin: 1QFY2008 to 1QFY2011
  • Singapore Airlines, Silk Air, SIA Cargo and SIA engineering operating profit: 1QFY2010 vs 1QFY2011
  • Singapore Airlines Group revenue growth: 1QFY2008 to 1QFY2011
  • Singapore Airlines yield growth and unit cost growth: 1QFY2008 to 1QFY2011
  • Singapore Airlines passenger yield growth (% change y-o-y): 1Q2003/04 to 1Q2010/11
  • Singapore Airlines cargo yield growth (% change y-o-y): 1Q2003/04 to 1Q2010/11
  • Singapore Airlines passenger break-even load factor and passenger load factor: 1QFY2008 to 1QFY2011
  • Thai Airways revenue: 2QFY2009 vs 2QFY2010
  • Thai Airways net profit margin and EBITDA margin: 2QFY2009 vs 2QFY2010
  • Singapore Airlines, Malaysia Airlines and Thai Airways revenue per ASK: Three months ended 30-Jun-2010
  • Singapore Airlines, Malaysia Airlines and Thai Airways cost per ASK: Three months ended 30-Jun-2010
  • Thai Airways, Singapore Airlines and Malaysia Airlines index share price: Jan-2010 to Aug-2010
  • IATA global net profit (loss) outlook for 2009 and 2010: Previous forecasts (Dec-2009 and Mar-2010) and current forecast (Jun-2010)
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