- POSTED: 08 May 2014 20:13
Singapore Airlines has reported a profit of S$27 million for its fiscal fourth quarter (January-March), buoyed by a one-time gain of S$19.8 million from a stake sale.
SINGAPORE: Singapore Airlines has reported a profit of S$27 million for its fiscal fourth quarter (January-March), buoyed by a one-time gain of S$19.8 million from a stake sale.
While the result beat market analysts, it is still sharply lower than the net profit of S$68.3 million in the same quarter a year ago.
According to a Bloomberg poll, analysts were expecting SIA to turn in a Q4 net profit of S$8 million.
Q4 operating loss widened to S$60.3 million, from S$44.2 million a year earlier.
In the quarter, revenue fell around 1 per cent to S$3.63 billion.
For the full year ended on March 31, SIA booked a net profit of S$359.5 million -- a drop of 5.4 per cent from a year ago.
Looking ahead, SIA said the operating environment continues to be challenging with intense competition in many areas, and economic uncertainty in key markets.
SIA also said that passenger bookings in the current quarter are expected to match the planned increase in capacity.
But it warned that yields are expected to remain under pressure, due to "promotional activities undertaken to support loads, and other airlines offering aggressive fares while increasing capacity".