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            september 17, 2019

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Singapore Airlines quarterly profit soars 62.5pc


Singapore Airlines' third quarter net profit soared 62.5 per cent year on year to S$286.1 million (US$216 million) in fiscal year 2017-18, drawn on revenues of S$4.07 billion, an increase of six per cent.
Southeast Asia's biggest air carrier posted its best quarterly profit in seven years for the quarter ending December 31, thanks to an increase in e-commerce cargo and semi-conductor demand.
Scoot, its low-cost subsidiary, also added to profit growth when cargo came to rescue, after a loss a year ago against fierce competition from Gulf-based and budget carriers.
The business, which is in the process of re-integrating into the main airline in a bid to improve efficiency, reported a 66 per cent jump in operating profit in the quarter, the most among its divisions.
"This is mainly driven by improving US and European consumption demand as well as inventory re-stocking," said Corrine Png, chief executive officer of Singapore-based Crucial Perspective, reported Bloomberg.
"Tech and telco-related products, luxury goods, express packages, given the rising e-commerce demand, are fueling this growth," she said.
Cargo yield - an indicator of profitability from moving a ton of goods per kilometre - rose 12 per cent to 30.6 Singapore cents.
The Singapore Air group kicked off a transformation programme last year, vowing bold and potentially radical actions to tackle costs as it got squeezed by Middle Eastern carriers and budget operators at both ends.
While the company has revealed little else, the process may include job cuts, CEO Goh Choon Phong said in June.
"Pressure on yields remains as competitors mount significant capacity in key markets with aggressive pricing," the company statement said.
"These challenging market conditions have been exacerbated by recent fuel price movements," it said.

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