SINGAPORE Airlines (SIA) net profit in the first quarter of its fiscal year fell 20
SINGAPORE Airlines (SIA) net profit in the first quarter of its fiscal year fell 20.7 per cent year on year to S$111 million (US$80.7 million) drawn on revenues of S$4.1 billion, up 6.7 per cent. SIA, which includes Singapore Airlines, SilkAir, Scoot and SIA Engineering, blamed losses on 'associated companies', as well as a rise in net finance charges - including additional financing for fleet renewal and growth.
Cargo and mail carried during April-June amounted to 307,700 tonnes, down 3.3 per cent on the same period of 2018. Traffic as measured in freight tonne-km (FTKs) was down 4.4 per cent year on year to 1.6 billion.
Capacity increased 0.1 per cent to 2,805.1 million available tonne-km. The resultant load factor declined by 2.7 percentage points over the same quarter of last year, to 58.7 per cent.
The yield dipped by 4.2 per cent year on year, and cargo flown revenue declined 8.4 per cent.
'Air freight demand has softened amid ongoing trade disputes and uncertain global economic conditions,' said SIA.
'SIA's cargo operations will continue to pursue charter opportunities and deploy capacity to match demand,' it added.
The carrier's freighter network covers 19 cities, including Singapore.
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