Singapore Airlines Group aims to improve long-term outlook following its biggest ever strategy shift
Typically conservative and slow-moving Singapore Airlines (SIA) has quietly but confidently completed the implementation of a new strategy aimed at ushering in a new era of faster growth and higher profitability. SIA's short-term outlook remains bleak as challenging global conditions continue to impact profitability of its full-service passenger and cargo units while its new low-cost long-haul carrier is unlikely to approach break-even until after it takes delivery of more efficient aircraft in 2014. But the SIA Group believes it has improved its medium to long-term position through a series of new projects, initiatives and investments.
Time will tell if SIA can graduate, potentially in 2014 or 2015, to a new phase of growth and higher profitability. But after reporting yet another drop in quarterly profits, it is clear change at SIA is needed and the strategic adjustments that have now been implemented by CEO Goh Choon Phong are a step in the right direction.
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