Mayday, mayday: SIA half-year profit down 62%

Guess what caused the airline’s profit to fall by $394m.

In an announcement Singapore Airlines said, “The Group made a net profit of $239 million in the first half of the 2011-12 financial year. This was $394 million (-62%) lower than the same period a year ago, principally on account of high fuel costs.”

According to SIA, expenditure on fuel increased $747 million as jet fuel prices spiked 45% over the same period last year. This, however, was partially offset by a $118 million year-on-year improvement in fuel hedging.

SIA further reported:

All the main companies in the Group recorded weaker operating results for the first half of the financial year. The operating profit of the Parent Airline Company fell $327 million (-86%), owing to higher fuel expenditure which increased $643 million (+37%) to $2,384 million. With stringent cost discipline, passenger unit cost excluding fuel declined 7%.

The operating results of the main companies in the Group for the first half of the financial year are as follows:
• Parent Airline Company Operating profit of $53 million ($380 million profit in 2010)
• SIA Engineering Operating profit of $69 million ($71 million profit in 2010)
• SilkAir Operating profit of $34 million ($36 million profit in 2010)
• SIA Cargo Operating loss of $31 million ($102 million profit in 2010)

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