Business News
Singapore Airlines posts net profit, gives cautious outlook
Nov 9, 2010, 10:50 GMT
Singapore - Singapore Airlines (SIA) on Tuesday posted a net profit of 380 million Singapore dollars (296 million US dollars) for the quarter ending September 30.
The national flag carrier turned around a quarterly loss of 159 million Singapore dollars from a year earlier, when it was hit hard by falling demand due to the global downturn.
Group revenue for the quarter rose 18 per cent year-on-year to 3.63 billion Singapore dollars as load factors and yields continued to improve, SIA said.
The airline said advance bookings indicated that demand was holding up in the coming months with yields expected to be steady.
However, 'the positive outlook for the second half of the year has to be tempered with some caution' as forward prices for jet fuel were high and volatile, it said.
'There is continuing volatility in the currency markets due to challenges faced by the global economy,' said the airline, which is 55-per-cent-owned by Singapore state investor Temasek Holdings.
For the first half of its financial year, net profit came to 633 million Singapore dollars, reversing a loss of 466 million Singapore dollars in the same period a year ago, while group revenue rose 19 per cent year-on-year to 7.1 billion Singapore dollars, SIA said.
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