Arab Today, arab today singapore airlines third quarter net profit up 36
Last Updated : GMT 02:44:42
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.

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 Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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