SIA Group revenue up 20.7%, profitable in 1QFY2011

SIA Group revenue up 20.7% - consolidated financial/traffic highlights for the three months ended 30-Jun-2010:

• Revenue: USD2,546 million, +20.7% year-on-year;
• Costs: USD2,362 million, +0.8%;
  • Fuel: USD830.9 million, +10.1%;
  • Labour: USD387.2 million, -14.8%;
  • Landing, parking and overflying charges: USD108.3 million, +0.7%;
• Operating profit: USD184 million, compared to a loss of USD234.4 million in p-c-p;
  • Singapore Airlines: USD99.9 million, compared to a loss of USD199.1 million in p-c-p;
  • SIA Cargo: USD44.1 million, compared to a loss of USD76.4 million in p-c-p;
  • SIA Engineering: USD26.4 million, +200%;
  • SilkAir: USD11.0 million, compared to a loss of USD2.2 million in p-cp-;
• Net profit: USD185.5 million, compared to a loss of USD225.6 million in p-c-p;
• Total assets: USD16,888 million, +2.2%;
• Total debt: USD974.6 million, -0.9%;
• Cash and cash equivalents: USD3,881 million, +19.0%;
• Passenger numbers: 4.0 million, +5.5%;
• Passenger load factor: 78.4%, +6.8 ppts;
• Passenger breakeven load factor: 76.9%, -7.4 ppts;
• Passenger yield: USD 8.60 cents, +14.7%;
• Passenger costs per ASK: USD 6.61 cents, +4.7%;
• Cargo traffic: 281,300 tonnes, +5.2%;
• Cargo yield: USD 28.43 cents, +42.3%;
• Cargo costs per ASK: USD 17.19 cents, +10.9%. [more]

*Based on the conversion rate at USD1 = SGD1.36117

Singapore Airlines: "Advance bookings indicate that the year-on-year recovery in passenger carriage and yields evident in the quarter to June will hold up for the rest of 2010. Similarly, leading indicators, as well as sentiment among shippers and forwarders, suggest that the recent resurgence in air freight may be sustained in the near term, although the rate of growth may abate. On the cost side, jet fuel prices have seen trading around the level of USD85 per barrel. Uncertainties about demand and supply are reflected in forward prices which are markedly higher than spot prices, and consequently affect the cost of hedging," Company statement. Source: Singapore Airlines, 26-Jul-2010.