Singapore Airlines sees full-year profit rise to €234 million
Singapore Airlines reports that its net profits returned to growth in the 2012-13 financial year ending in March. However, the result was not as strong as many industry analysts were expecting as the economic climate and high fuel prices continued to make an impact.
The airline posted a 12.8% rise in net profits, taking group net profit to SG$379 million (€234 million) as revenues increased slightly by 1.6% on the previous year, driven by a 7.3% increase in the number of passengers carried.
A year ago, profit dropped by nearly 70% in the year to March 2012, even though revenues also rose slightly.
As reported yesterday, analyst forecasts at Reuters had expected SIA to post a 22% rise in net profit to SGD$409.6 million for the year to March 2013. But challenges such as fuel costs, intense competition and global economic stagnation ensured that yields fell and operating profit dropped 19.8% to SG$229 million.
[pictured: Singapore Airlines Boeing B777-200; courtesy Singapore Airlines]