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19-May-2017 10:43 AM

SIA Group reports sharp operating profit decline in Q4FY2017, falls to net loss

SIA Group reported (19-May-2017) the following financial highlights:

  • Three months ended 31-Mar-2017:
    • Revenue: SGD3720 million (USD2625 million), stable year-on-year;
    • Costs: SGD3692 million (USD2606 million), +3.5%;
      • Fuel: SGD967.2 million (USD682.5 million), +4.7%;
      • Labour: SGD680.3 million (USD480.1 million), +8.2%;
    • Operating profit: SGD27.6 million (USD19.5 million), -82.0%;
      • Singapore Airlines: (SGD41 million) (USD28.9 million), compared to a profit of SGD98 million (USD69.8 million) in p-c-p;
      • SilkAir: SGD27 million (USD19.1 million), -15.6%;
      • Budget Aviation Holdings: SGD22 million (USD15.5 million), -53.2%;
      • SIA Cargo: (SGD5 million) (USD3.5 million), compared to a loss of SGD40 million (USD28.5 million) in p-c-p;
      • SIA Engineering: SGD24 million (USD16.9 million), -11.1%;
    • Net profit (loss): (USD126.4 million) (USD89.2 million), compared to a profit of SGD234 million (USD166.8 million) in p-c-p;
    • Passengers: 8.0 million, +5.4%;
      • Singapore Airlines: 4.7 million, +1.8%;
      • SilkAir: 1.1 million, +9.2%;
      • Budget Aviation Holdings: 2.2 million, +12.0%;
    • Passenger yield:
      • Singapore Airlines: SGD 10.1 cents (USD 7.1 cents), -4.7%;
      • SilkAir: SGD 12.8 cents (USD 9.0 cents), -5.2%;
      • Budget Aviation Holdings: SGD 6.1 cents (USD 4.3 cents), -7.6%;
  • 12 months ended 31-Mar-2017:
    • Revenue: SGD14,869 million (USD10,743 million), -2.4%;
    • Costs: SGD14,246 million (USD10,293 million), -2.1%;
      • Fuel: SGD3748 million (USD2708 million), -17.2%;
      • Labour: USD2616 million (USD1890 million), +6.7%;
    • Operating profit: SGD622.8 million (USD450 million), -8.6%;
      • Singapore Airlines: SGD386 million (USD278.9 million), -20.4%;
      • SilkAir: SGD101 million (USD73.0 million), +11.0%;
      • Budget Aviation Holdings: SGD67 million (USD48.4 million), +59.5%;
      • SIA Cargo: SGD3 million (USD2.2 million), compared to a loss of SGD50 million in p-c-p;
      • SIA Engineering: SGD72 million (USD52.0 million), -30.8%;
    • Net profit: SGD441.9 million (USD319.3 million), -48.1%;
    • Passengers: 31.6 million, +3.9%;
      • Singapore Airlines: 19.0 million, -0.2%;
      • SilkAir: 4.1 million, +7.0%;
      • Budget Aviation Holdings: 8.5 million, +12.8%;
    • Passenger yield:
      • Singapore Airlines: SGD 10.2 cents (USD 7.4 cents), -3.8%;
      • SilkAir: SGD 12.5 cents (USD 9.0 cents), -7.4%;
      • Budget Aviation Holdings: SGD 5.9 cents (USD 4.3 cents), -6.3%;
    • Total assets: SGD24,720 million (USD17,861 million);
    • Total debt: SGD1568 million (USD1133 million). [more - original PR]

*Based on the average conversion rate at SGD1 = USD0.70567 for 1Q2017
*Based on the average conversion rate at SGD1 = USD0.71271 for 1Q2016
*Based on the average conversion rate at SGD1 = USD0.722529 for FY2017

SIA Group: "Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yield". Source: Company statement, 19-May-2017.