Singapore Airlines' Q4 net profit up six-fold

Singapore Airlines (SIA) has said its fourth quarter net profit soared more than six-fold as the global economic rebound boosted travel and cargo demand. Net profit in the three months to March was S$278 million (US$197.5 million), up from $42 million in the same quarter the year before, the company said in a statement.

Together with the $404 million net profit in the third quarter, the fourth quarter earnings reversed $466 million in losses recorded in the financial first half. The airline suffered its first quarterly loss in six years in the three months ended June 2009 and extended the losses into the September quarter before staging a turnaround. SIA Cargo clawed its way back into the black with operating profit of $8 million, versus a loss of $123 million in 2009. Cargo yield for the year was 74.7 cents/km, versus 88.6 cents a year ago.