SINGAPORE Airlines (SIA) has registered improved net profit of 12.8 per cent year-on-year to S$379 million (US$302.3 million) for its financial year 2012-13.
This is despite a lower operating profit, which fell 19.8 per cent to S$229 million due to high fuel prices and yield pressures against the backdrop of a weak global economy.
Passenger revenue grew on the back of 7.3 per cent passenger carriage growth, albeit at lower yields, contributing to a 1.6 per cent rise in group revenue. Promotional activities necessitated by intense competition as well as depreciation of revenue-generating currencies against the Singapore dollar depressed passenger yields by 4.2 per cent.
SIA expects the global economic outlook to remain uncertain in the new financial year. Forward passenger bookings for the next few months are almost flat compared to the same period last year.
