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Singapore Airlines sees “encouraging” outlook, keeps profitability record intact

24-May-2010

Singapore Airlines (SIA) benefited from a solid recovery in demand in the second half of its financial year and the maintenance of capacity and cost disciplines to record a net profit of SGD216 million (USD154 million) for the financial year ended 31-Mar-2010. In doing so, SIA maintained its unbroken run of full year profitability – a feat that seemed unlikely after a very challenging first half. But profits have largely been produced by cost cutting rather than top-line revenue growth and further improvement will depend on the strength of the global economic recovery. [1115 words]

Unlock the following content in this report:

Subheadings:

  • Encouraging outlook, but more work needed on yields
  • Economy and fuel vagaries
  • A satisfactory final quarter
  • Outlook: Cautiously optimistic, with emphasis on cautiously

Graphs and data:

  • Singapore Airlines Group revenue growth: 1QFY2009 to 4QFY2010
  • Singapore Airlines Group costs growth in FY2010 and 4QFY2010
  • Singapore Airlines passenger load factor and passenger breakeven load factor: 1QFY2008 to 4Q2010
  • Singapore Airlines passenger yield (SGD cents/pkm): 1Q2002/03 to 4Q2009/10
  • Singapore Airlines passenger yield growth (% change y-o-y): 1Q2003/04 to 4Q2009/10
  • Singapore Airlines cargo yield (SGD cents/ltk): 1Q2002/03 to 4Q2009/10
  • Singapore Airlines cargo yield growth (% change y-o-y): 1Q2003/04 to 4Q2009/10
  • Singapore Airlines RPK growth and ASK growth: 1QFY2008 to 4Q2010
  • Singapore Airlines pax growth and PLF growth (ppts): 1QFY2008 to 4Q2010
  • Singapore Airlines Group operating profit margin and net profit margin: 1QFY2008 to 4Q2010
  • SIA Parent Airline Company Top 5 expenditure items: FY2009/10
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