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SIA Group operating profit down 17% in 3QFY2013, yield to remain under pressure

8-Feb-2013 9:46 AM

SIA Group revenue stable – financial highlights for three months ended 31-Dec-2012:

  • Revenue: SGD3860 million (USD3157 million), -0.4% year-on-year;
  • Costs: SGD3729 million (USD3050 million), +0.3%;
    • Fuel: SGD1484 million (USD1213 million), -1.4%;
    • Labour: SGD583.2 million (USD476.9 million), +7.6%;
  • Operating profit: SGD131.0 million (USD107.1 million), -16.7%;
  • Net profit: SGD142.5 million (USD116.5 million), +5.4%;
  • Passenger numbers:
    • Singapore Airlines: 4.7 million, +7.6%;
    • SilkAir: 864,000, +6.9%;
  • Passenger load factor:
    • Singapore Airlines: 79.3%, +2.1 ppts;
    • SilkAir: 75.3%, -3.5 ppts;
  • Breakeven load factor:
    • Singapore Airlines: 79.8%, +3.8 ppt;
    • SilkAir: 67.1%, -2.1 ppts;
  • Passenger yield:
    • Singapore Airlines: SGD11.4 cents (USD9.3 cents), -5.8%;
    • SilkAir: SGD 14.6 cents (USD 11.9 cents), stable;
  • SIA Cargo
    • Cargo volume: 288,900 tonnes, -10.7%;
    • Cargo load factor: 64.8%, +0.1 ppt;
    • Breakeven load factor: 69.6%, +0.4 ppt;
    • Cargo yield: SGD 33.5 cents (USD27.4 cents), -3.5%;
  • Total assets: SGD22,048 million (USD18,029 million), stable when compared to period ended 31-Mar-2012;
  • Total debt: SGD1030 million (USD842.2 million), -4.4% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.2229

SIA Group: “The outlook for international air travel demand continues to be challenging and the cargo market remains depressed amid the troubled European economy and the weak recovery in the United States. Loads and yields of both passenger and cargo businesses are expected to remain under pressure, while the price of jet fuel continues to be at a historical high. The depreciation of revenue-generating currencies against the Singapore dollar poses yet another challenge. To maintain market leadership, the Group will continue to invest in product and service offerings. The Group remains nimble and flexible in aligning capacity to meet demand while pursuing all revenue opportunities.” Source: Company statement, 07-Feb-2013.