Singapore Airlines Cargo
Singapore Airlines Cargo is a dedicated cargo airline based in Singapore, operating as the cargo arm of parent Singapore Airlines. A wholly-owned subsidiary of Singapore Airlines, SIA Cargo operates an extensive network of international cargo services from its main hubs in Singapore, Sharjah and Amsterdam with a fleet of Boeing 747 freighters. SIA Cargo also manages the cargo capacity of SIA passenger aircraft.
Location of Singapore Airlines Cargo main hub (Singapore Changi Airport)
119 total articles
13 total articles
Singapore Airlines (SIA) has recorded a further reduction in profits due to high fuel prices and weak load factors. The SIA group on 28-Jul-2011 reported a net profit for the three months ended 30-Jun-2011 (first quarter of FY2011/12) of SGD45 million (USD37 million), an 82% drop compared to the same period last year and its smallest quarterly profit in nearly two years. The airline itself also fell into the red for the first time in seven quarters, incurring an operating loss of SGD38 million.
Singapore Airlines (SIA) has recorded a significant improvement in fiscal year profits but has seen its profitability drop over the past few months as a result of rising fuel prices and lower load factors. As a result, SIA is now warning the “twin” challenges of high oil prices and weak load factors could continue to affect its financial performance in the new fiscal year.
Singapore Airlines, the world’s second-largest carrier by market value, reported a 29% reduction in net profitability in 3Q2010 (three months to Dec-2010) as it booked charges relating to antitrust cargo fines in the US, EU and South Korea. Taking out the USD155.5 million in exceptional items, the carrier, which is 55% owned by Singapore state investor Temasek Holdings, would have reported a 20.7% increase in its quarterly profit, as a recovery in the global economy boosted air travel.
The spectacular rebound in global air freight demand of 2009/10 has recently slowed to a canter, raising some concerns that 2011 could be marred by excess capacity and yield pressures as demand softens. The recovery has been broad-based, though Asia - especially China - has been the powerhouse performer.
Singapore Airlines, Malaysia Airlines and Thai Airways reported mixed financial results in the three months ended Jun-2010, with combined revenues of USD4.8 billion and a combined net profit of USD66.5 million, for a collective net profit margin of 1.4%. Malaysia Airlines dragged the result down in the quarter, with a net loss of USD168 million, while SIA Group and Thai Airways were profitable in the period, with handsome net profits of USD186 million and USD49 million, respectively.
Singapore Airlines reported a net profit in the three months ended Jun-2010, reversing a year-earlier loss, as the global economic recovery boosted air travel. The carrier added that it expects the recovery to continue to underpin its business for the remainder of the year.
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