SQ reports tough outlook as Q3 profits fall

SQ reports tough outlook as Q3 profits fall
By admin


Singapore Airlines’ operating profit in the December quarter tumbled 17% on the previous corresponding period to $131 million, amid a “challenging” environment.

Passenger revenue actually improved as promotional activities boosted passenger carriage by 7.8%, although the increase was partially offset by lower yields, down 5.7%. Overall group revenue dipped 0.4% driven down by lower cargo revenue due to depressed yields and poorer loads.

However, net profit for the third quarter was up 6% year on year hitting $143 million, despite the lower operating profits due to an increase in "non-operating items".

The outlook for international travel remains challenging, with fuel continuing at a historical high.

"The depreciation of revenue-generating currencies against the Singapore dollar poses yet another challenge," the airline said.

Nonetheless, the group stressed it "remains vigilant" with strict cost disciplines in place as it seeks to "improve both productivity and operational efficiency".

 

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