Arab Today, arab today singapore airlines third quarter net profit up 36
Last Updated : GMT 09:44:41
Arab Today, arab today
Arab Today, arab today

Singapore Airlines third quarter net profit up 36%

Arab Today, arab today

Arab Today, arab today Singapore Airlines third quarter net profit up 36%

Singapore Airlines profits have surged on the back of lower fuel expenses
Singapore - AFP

Singapore Airlines said Thursday its third-quarter net profit surged 36 percent from the previous year, thanks largely to lower fuel expenses.

Oil prices plunged to 12-year lows in January and analysts say they will remain depressed at least for the rest of 2016 due to a supply glut and weak demand.

Proceeds from the sale and leaseback of some aircraft also boosted profits, the airline said in a filing with the Singapore Exchange.

Net profit in the three months to December was Sg$275 million ($196 million), up from Sg$202.6 million during the same period last year.

The airline benefited from lower group expenditure, largely due to a 24 percent drop in fuel expenses.

The gain however was partially offset by losses totalling Sg$149 million due to hedging and the local currency's decline against the US dollar, SIA said.

One analyst noted that while profits appear robust, it was driven mainly by lower fuel expenses and gains from the disposal of aircraft.

"You need to take the numbers with a pinch salt because they don't quite reflect that the company has not done very well," said Shukor Yusof, founder of Endau Analytics, a Malaysia-based aviation consultancy.

"All things considered, the outlook remains challenging. Fuel prices are unlikely to stay at this low levels forever," Shukor told AFP.

"We're also concerned over the pace of the economic recovery in the US. The outlook for the EU remains cloudy and there are also concerns about China that will affect the rest of the Asia Pacific economies."

The airline, which is facing tough competition from its peers and from budget carriers, added that travel demand will remain "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," SIA said.

The airline's shares dipped 0.92 percent to close at Sg$10.82 before the results were released, bucking a marginal rise in the Straits Times Index.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore airlines third quarter net profit up 36 Arab Today, arab today singapore airlines third quarter net profit up 36

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore airlines third quarter net profit up 36 Arab Today, arab today singapore airlines third quarter net profit up 36

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday