Singapore Airlines reports full year profit rise
Singapore Airlines' net profits returned to growth in the 2012/13 financial year, although high fuel prices and a tough economic climate continued to take their toll.
A 12.8% rise in net profit took the group net profit to SG$379 million (AU$306.96 million) as group revenue edged up 1.6% on the previous year, driven by a 7.3% increase in the number of passengers carried.
However, challenges in the form of fuel costs and global economic malaise saw yields decline and operating profit tumble 19.8% to $229 million.
“Promotional activities necessitated by intense competition as well as depreciation of revenue-generating currencies against the Singapore dollar drove passenger yields lower by 4.2%,” a Singapore statement said.
Group expenditure rose 2% with fuel accounting for 40% of overall spend over the year.
Meanwhile, the global economic outlook remains “uncertain”, according to the carrier as it cited ongoing weakness in the Eurozone and a slow recovery in the US.
“Forward passenger bookings for the next few months are almost flat compared to the same period last year,” it said, predicting high fuel prices and weak economic sentiment will continue to place yields under pressure.
However, it remained confident on the basis of its “strong financial position”, promising continued investment in product and service enhancements.
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