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SIA returns to profitability in 2QFY2011, yield outlook 'steady'

10-Nov-2010 11:27 AM

Singapore Airlines revenue up 18% - consolidated financial highlights for the three months ended 30-Sep-2010:

  • Total revenue*: USD2810 million, +17.8% year-on-year;
  • Total costs: USD2542 million, 0.7%;
    • Fuel: USD845.0 million, -4.3%;
    • Labour: USD436.3 million, -0.8%;
  • Operating profit: USD267.5 million, compared with a loss of USD140.4 million in p-c-p;
  • Profit before tax: USD371.7 million, compared with a loss of USD94.5 million in p-c-p;
  • Net profit: USD294.2 million, compared with a loss of USD122.9 million in p-c-p;
  • Passenger numbers: 4.2 million, -0.7%;
  • Passenger load factor: 80.3%, +0.7 ppt;
  • Passenger breakeven load factor: 74.6%, -14.2 ppts;
  • Passenger yield: USD 9.13 cents, +20.4%;
  • Passenger cost per ASK: USD 6.81 cents, +1.1%;
  • Cargo volume: 290,100 tonnes, +3.0%;
  • Cargo load factor: 63.3%, +0.4 ppt;
  • Cargo breakeven load factor: 60.2%, -15.4 ppts;
  • Cargo yield: USD 27.78 cents, +25.1%;
  • Cargo cost per FTK: USD 16.71 cents, -0.5%;
  • Six months ended 30-Sep-2010:
    • Revenue: USD5,491 million, +19%;
    • Costs: USD5,030 million, +1%;
    • Operating profit: USD461.1 million, compared with a loss of USD387.6 million in p-c-p;
      • SIA Cargo: USD78.9 million, compared with a loss of USD149.3 million in p-c-p;
      • SIA Engineering: USD54.9 million, +51.1%;
      • SilkAir: USD27.9 million, compared with a loss of USD3.9 million in p-c-p;
  • Total assets: USD18,587 million, +6.8% when compared with the period ended 31-Mar-2010;
  • Total debt: USD1612 million, +55.6% when compared with the period ended 31-Mar-2010. [more] [more - Perspective]

*Based on the conversion rate at USD1 = SGD1.29245

Singapore Airlines: “Advance bookings for the coming months indicate that demand is holding up. This should support an increase of 5% in passenger capacity in the second half of the financial year. Yields are expected to be steady. Forward indicators for air freight point to a levelling off for the rest of the financial year. Forward prices for jet fuel are high and volatile. There is continuing volatility in the currency markets due to challenges faced by the global economy. Given these uncertainties, the positive outlook for the second half of the financial year has to be tempered with some caution,” Company statement. Source: Singapore Airlines, 09-Nov-2010.