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Singapore Airlines profits leap upwards

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Full-service and low-cost operations all do well
Singapore Airlines posted more than double its net profit for the full year, to SGD$804 million (€515 million), boosted by low fuel prices. Operating profit was SGD$271 million, up 66%.
Reuters news agency calls Singapore Airlines a barometer for the health of Asia’s highly competitive airline industry. The carrier said that lower net fuel costs compensated for weaker yields but warned of tough conditions ahead.
“The Group is contending with a challenging operating environment in key markets, caused in part by weak economic activity and relatively rapid growth in capacity, evidenced by increasing promotional fare activity,” it said.
The group operates two low-cost subsidiaries, Scoot and Tigerair, and a cargo unit besides the full-service carrier. The full-service and low-cost operations all did well, but the cargo unit remains a drag on the company.
Reuters

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