IT

SIA loses $138m in Q4, full-year profit halved

SIA loses $138m in Q4, full-year profit halved

SIA reported on Thursday evening that it incurred a net loss of S$138.3 million for the three months ended March 31, against a year-ago profit of S$224.7 million.

Looking forward, the carrier says it is braced for intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, which continue to exert pressure on yields.

It was the first quarterly loss in five years. The airline expects to take delivery of ten A350-900s and three A380-800s during the 2017-18 financial year, and remove two A330-300s, four A380-800s, two 777-200s and one 777-200ER from the fleet, again as leases expire.

"There will certainly be changes in the way we do things and staff will have to pick up new skills", Mr Goh said.

The move is not expected to have a material impact on its financial performance in the 2017/18 financial year, the airline said.

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SilkAir, now operating 30 Airbus and Boeing single-aisle aircraft, will get its first four 737 MAX 8 aircraft in 2017-18, while Budget Aviation Holdings will add four 787s. It also expected its decision to operate Scoot and Tiger under the Scoot brand to deliver advantages.

SIA said the many strategic initiatives being implemented to address the structural changes in the industry were now showing positive results.

A dedicated Transformation Office is conducting a wide-ranging review, encompassing network and fleet, product and service, and organisational structure and processes, to better position the Group for long-term sustainable growth.

Building on this foundation, the next phase of the SIA group's transformation has been launched, it said. The main airline reported an operating loss of S$41 million, while total revenue fell 2.7 per cent, fuelled by the passenger yield erosion, it said in the statement. Passenger flown revenue declined $382m (-3.2%) despite traffic growth (+2.6%) as yields continued to come under intense pressure. Load factor edged down 0.8 percentage points to 79.0 percent as a result.

SIA Cargo now has seven aircraft in its freighter fleet, while the proportion of revenue from passenger aircraft bellyhold capacity has increased significantly, SIA said. The soft global cargo market helped push yield down 10.7 percent though, contributing to a revenue decline of SGD$89 million.


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