SQ reports profit, but concerns linger

SQ reports profit, but concerns linger
By admin

Singapore Airlines has reported a 73% hike in net profit for the first quarter of the 2012/13 financial year, but high fuel prices continue to plague the airline.

The group recorded a net profit of $78 million in the first financial quarter, up $33 million from the same time last year.

Group revenue also improved six percent to $3.7 billion driven by a 9.6% improvement in passenger traffic, while group operating profit improved a staggering $61 million on last year’s figures to $72 million.

Following a $36 million dip in operating loss in the first quarter last year, SQ's parent airline company recorded a $85 million profit for the three months ending June 30 as fuel costs softened.

However, “record high” fuel prices, which now account for 40% of the group’s expenditure, remain an ongoing challenge for the airline.

“While jet fuel prices have receded in recent weeks, they are still near historical highs,” the airline said in a statement.

Singapore Airlines also identified economic uncertainty as a major concern, but remained confident it would rise above the challenges.

“In this difficult environment, the Group will maintain its vigilance in cost control and remain nimble in deploying capacity to meet market demand. The Group is well positioned to weather the challenges with its strong balance sheet,” the statement concluded.

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