|SingAir income cushioned by spare parts, aircraft sales
Singapore Airlines said net profit in the year ending March was up 12.8 percent, boosted by surplus from the sale of aircraft, spares and spare engines, but warned the outlook remained bleak.
Net profit was S$379 million (US$302.6 million) on revenue of S$15.10 billion, up 1.62 percent, the carrier said.
For the fourth quarter, net profit was at S$68.3 million, swinging back from a S$38.2 million loss in the same period last year, AFP reports.
SIA attributed the rise in full-year and fourth quarter net profit mainly to “surplus on the sale of aircraft, spares and spare engines.’’
Fuel costs, which accounted for nearly 40 percent of expenditures, remained a drag on profits.
SIA said passenger numbers gained 7.3 percent boosting revenues, but promotional schemes to fend off intense competition and the depreciation of revenue-generating currencies against the Singapore dollar dented yields.
“Forward passenger bookings for the next few months are almost flat compared to the same period last year,'' SingAir said.