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5-Feb-2016 9:16 AM

SIA Group operating profit almost doubles in 3QFY2016, outlook cautious

SIA Group revenue down 4% - financial highlights for three months 31-Dec-2015:

  • Revenue: SGD3941 million (USD2799 million), -3.8% year-on-year;
  • Costs: SGD3653 million (USD2595 million), -7.6%;
    • Fuel: SGD1139 million (USD808.9 million), -23.7%;
    • Labour: SGD620.6 million (USD440.8 million), +6.1%;
  • Operating profit: SGD288.0 million (USD204.6 million), +96.9%;
    • Singapore Airlines: SGD181 million (USD128.6 million), +108%;
    • SIA Engineering: SGD29 million (USD20.6 million), +20.8%;
    • SilkAir: SGD33 million (USD23.4 million), +83.3%;
    • SIA Cargo: SGD2.0 million (USD1.4 million), -88.2%;
    • Scoot: SGD18 million (USD12.8 million), compared to a loss of SGD17 million (USD12.1 million) in p-c-p;
    • Tiger Airways: SGD9 million (USD6.4 million), +125%;
  • Net profit: SGD197.1 million (USD140.0 million), -8.2%;
  • Singapore Airlines:
    • Passenger numbers: 4.8 million, +1.8%;
    • Passenger load factor: 80.0%, +1.7 ppt;
    • Passenger breakeven load factor: 77.3%, -1.8 ppt;
    • Passenger yield: SGD 11.0 cents (USD 7.8 cents), -4.3%;
    • Passenger unit costs: SGD 8.5 cents (USD 6.0 cents), -6.6%;
  • SilkAir:
    • Passenger numbers: 996,000, +5.4%;
    • Passenger load factor: 71.6%, -0.6 ppt;
    • Passenger breakeven load factor: 64.0%, -4.8 ppts;
    • Passenger yield: SGD 13.6 cents (USD 9.7 cents), -3.5%;
    • Passenger unit costs: SGD 8.7 cents (USD 6.2 cents), -10.3%;
  • Scoot:
    • Passenger numbers: 635,000, +32.3%;
    • Passenger load factor: 85.0%, +1.9 ppt;
    • Breakeven load factor: 80.4%, -19.6 ppts;
    • Revenue per ASK: SGD 5.6 cents (USD 4.0 cents), -6.7%;
    • Cost per ASK: SGD 4.5 cents (USD 3.2 cents), -25.0%;
  • Tiger Airways:
    • Passenger numbers: 1.3 million, +1.2%;
    • Passenger load factor: 83.1%, +1.1 ppt;
    • Breakeven load factor: 79.5%, -0.2 ppt;
    • Revenue per ASK: SGD 7.3 cents (USD 5.2 cents), -1.4%;
    • Cost per ASK: SGD 5.8 cents (USD 4.1 cents), -1.7%;
  • SIA Cargo:
    • Cargo volume: 312,500 tonnes, +7.1%;
    • Cargo load factor: 64.9%, +4.8 ppts;
    • Cargo yield: SGD 28.8 cents (USD 20.5 cents), -13.5%;
  • Total assets: SGD23,864 million;
  • Cash and bank balances: SGD4340 million (USD3083 million);
  • Total debt: SGD1376 million (USD977.6 million). [more - original PR]

*Based on the average on conversion rate at USD1 = SGD1.4078

SIA Group: "The challenging operating environment is expected to persist, with travel demand remaining volatile, affected by economic forces and external events. On the competitive front, expansion of other full-service airlines as well as low-cost carriers, particularly in Southeast Asia, will continue to exert pressure on loads and yields. Supported by promotional activities, advance passenger bookings for the January-March quarter are positively tracking seat capacity." Source: Company statement, 04-Feb-2016.

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