Singapore Airlines Group has recorded a 13.1 per cent increase in its operating profit to SGP$259 million (US$206.7 million) for the year ended 31 March.
Revenue across the group, which includes Singapore Airlines, SIA Engineering, regional carrier SilkAir,and SIA Cargo, rose one per cent to $15.24 billion for the year on the back of higher passenger revenue, but was offset by a decline in cargo revenue. The carrier warned that economic uncertainty and lower yields had contributed to a $60 million loss in the final quarter of the year.
“The operating environment for the group continues to be challenging with intense competition in many areas, and economic uncertainty in key markets,” the airline said in a statement. A breakdown of the results saw Singapore Airlines record a profit of $256 million for the year, while SIA Engineering saw a profit of a profit of $116 million and SilkAir recorded a profit of $35 million.
SIA Cargo meanwhile, narrowed its operating loss by $67 million to report a full-year loss of $100 million, on the back of what the carriers said were ongoing efforts to better match capacity with demand.
SIA Cargo’s load factor of 62.5 per cent was 0.9 percentage point lower, as a 5.1 per cent reduction in cargo carried (in load tonne-kilometres) outpaced a 3.6 per cent reduction in cargo capacity (in capacity tonne-kilometres).