Singapore Airlines net profit down 55.5 percent in H1
Date
11/7/2014 4:21:45 AM
(MENAFN) Singapore airlines reported that it has registered a plunge by 55.5 percent in its net profit during the January-June period to reach USD100.54 million compared to USD225.87 million during the same period last year due to heavy losses in budget carrier affiliate Tiger Airways, Arab News reported.
SIA also said that its July-September net profit has declined by 43.4 percent to USD72.70 million, while its group revenue dropped by 2.0 percent to USD6.07 billion.
These losses are largely attributed to the losses posted by SIA's affiliate Tiger Airways, which reported a net loss of USD145.57 million during the July-September period compared with a net profit of USD19.20 million in the same period last year, due to failure in its plan to expand its brand to Australia, Indonesia and the Philippines.
SIA, which currently has a fleet of 105 passenger aircraft, including 19 Airbus A380 superjumbos, covers a network of 99 cities in 35 countries.
"The operating landscape for the airline industry remains competitive and challenging, as an uncertain global economic climate and geopolitical concerns persist. Demand is generally flat, and yields will remain under pressure amid intense competition from other airlines and promotional activities in weaker markets," SIA said in a statement.
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