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SIA Group 2QFY2010 revenue down 29.6%, falls into the red

11-Nov-2009 11:31 AM

Singapore Airlines Group revenue down 29.6% - consolidated financial highlights:

Three months ended 30-Sep-2009:

  • Revenue: USD2,217 million, -29.6% year-on-year;
  • Costs: USD2,348 million, -21.3%;
    • Fuel: USD821.4 million, -40.5%;
    • Labour: USD409.5 million, -12.5%;
  • Operating profit (loss): (USD130.5 million), compared to a profit of USD166.7 million in the previous corresponding period;
  • Profit (loss) before tax: (USD87.8 million), compared to a profit of USD290.6 million in the previous corresponding period;
  • Net profit (loss): (USD114.2 million), compared to a profit of USD232.9 million in the previous corresponding period;
  • Passenger numbers: 4.2 million, -13.6%;
  • Passenger load factor: 79.6%, +0.5 ppt;
  • Passenger breakeven load factor: 88.8%, +14.6 ppts;
  • Passenger yield: USD 7.05 cents, -23.4%;
  • Passenger unit cost: USD 6.26 cents, -8.4%;

Six months ended 30-Sep-2009:

  • Revenue: USD4,283 million, -30.0%;
  • Costs: USD4,643 million, -18.7%;
    • Fuel: USD1,560 million, -37.1%;
    • Labour: USD853.8 million, -10.7%;
  • Operating profit (loss): (USD360.2 million), compared to s profit of USD413.6 million in the previous corresponding period;
    • Singapore Airlines: (USD307.9 million), compared to a profit of USD356.1 million in the previous corresponding period;
    • SIA Engineering: USD33.8 million, -17.5%;
    • SIA Cargo: (USD138.8 million), compared to a loss of USD54.7 million in the previous corresponding period;
    • SilkAir: (USD3.6 million), compared to a profit of USD3.6 million in the previous corresponding period;
    • SATS^: USD50.7 million, -11.3%;
  • Profit (loss) before tax: (USD282.0 million), compared to a profit of USD631.8 million in the previous corresponding period;
  • Net profit (loss): (USD335.2 million), compared to a profit of USD490.9 million in the previous corresponding period;
  • Passenger numbers: 8.0 million, -16.9%;
  • Passenger load factor: 75.6%, -2.3 ppts;
  • Passenger breakeven load factor: 86.0%, +13.8%;
  • Passenger yield: USD 7.19 cents, -20.6%;
  • Passenger unit cost: USD 6.19 cents, -5.5%. [more]
  • *Based on the conversion rate at USD1 = SGD1.39
  • ^Included SATS Group operating profit for Apr-2009 to Aug-2009. SATS Group was deconsolidated from the Group from 01-Sep-2009.

Singapore Airlines: “Advance bookings indicate that demand for air travel has stopped declining and is gradually recovering. The capacity programmed for the remainder of the year appears well matched to the demand. The market conditions allow for some rollback of promotional pricing but yields are unlikely to get back to pre-crisis levels within the next six months,” Company statement. Source: Singapore Airlines, 10-Nov-2009.