Business News
Singapore Airlines posts turnaround for last quarter of 2009
Feb 2, 2010, 10:44 GMT
Singapore - Singapore Airlines said Tuesday it had returned to profitability at the end of 2009 after two quarters of losses, and expected the recovery to continue on the back of improved bookings.
For the quarter ending December 31, net profit reached 403.7 million Singapore dollars (286.2 million US dollars), up from 337.2 million Singapore dollars for the same period a year earlier, the airline said.
In the first and second quarter of its fiscal year, which starts April 1, the city-state's national carrier posted losses of 307 million Singapore dollars and 159 million Singapore dollars, respectively.
Revenue for the three months through December was down to 3.4 billion Singapore dollars from 4.1 billion a year earlier, the company said.
The airline, one of the world's largest, predicted the recovery would continue over the first three months of 2010, the last quarter of the company's fiscal year, thanks to 'passenger loadings in January and bookings in hand.'
The carrier, which is 55-per-cent-owned by state investor Temasek Holdings, suffered from the slump in air travel demand in early 2009 due to the global downturn.
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