Singapore Airlines' 1QFY2012 profits plummet, forward bookings flat

Singapore Airlines revenue up 3% - financial highlights for the three months ended 30-Jun-2011:

• Revenue: USD2973 million, +3% year-on-year;
• Costs: USD2964 million, +10.9%;
  • Fuel: USD1195 million, +27.1%;
  • Labour: USD440.2 million, +0.5%;
• Operating profit (loss): USD9.1 million, -95.6%;
  • SIA Engineering: USD29.1 million, -2.8%;
  • SilkAir: USD17.5 million, +40%;
  • SIA Cargo: (USD11.6 million), compared with a profit of USD49.9 million in p-c-p;
• Net profit: USD37.1 million, -82.3%;
• Passenger numbers: 4.1 million, +3.2%;
  • SilkAir: 720,000, +9.8%;
• Passenger load factor: 75.6%, -2.8 ppts;
  • Passenger brak-even load factor: 78.0%, +1.1 ppt;
  • SilkAir: 76.3%, +0.2 ppt;
• Passenger yield: USD 9.81 cents, +0.9%;
• Overall yield:
  • SilkAir: USD 126.06 cents, +8.0%;
• Passenger unit cost: USD7.64 cents, +2.2%;
• Overall unit cost:
  • SilkAir: USD 78.94 cents, +8.4%;
• Cargo volume: 297,300 tonnes, +5.7%;
• Cargo load factor: 64.7%, -0.3 ppt;
• Cargo breakeven load factor: 66.9%, +6.4 ppts;
• Cargo yield: USD 29.58 cents, -8.0%;
• Cargo unit cost: USD 19.78 cents, +1.7%;
• Total assets: USD20,437 million, +0.2%;
• Total debt: USD1678 million, -0.9%. [more]

*Based on the conversion rate USD1 = SGD1.20341

Singapore Airlines: "Advance bookings for travel in the next few months are almost flat compared to the same period last year. With the current economic uncertainties, significant challenges remain in the key markets of Europe and the United States," Company statement. Source: Singapore Airlines, 28-Jul-2011.