Fuel costs hit profits at Singapore Airlines

3rd Feb 2012
Fuel costs hit profits at Singapore Airlines

Persistently high jet fuel prices have adversely affected figures at Singapore Airlines, with the carrier reporting a net profit of $135 million for the third quarter of the 2011-12 financial year.

This represents a drop of $153 million, or 53 per cent, over the same quarter in the preceding year.

Group revenue improved $34 million (one per cent) to $3.9 billion, on the back of marginal growth in passenger carriage, while expenditure rose at a faster pace, increasing $386 million (per cent) to $3.7 million. 

Expenditure on fuel grew by $375 million, up by a third, as jet fuel prices increased 30 per cent over the same period last year.

Fuel accounted for 40 per cent of expenditure, up seven percentage points year-on-year.

Consequently, operating profit declined to $157 million, $352 million lower (69 per cent) than the year before.


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