telegramyoutube
Singapore Airlines posts first loss in five years
Main page News, Asia, Aviation

Singapore Airlines has posted its first loss in five years on lower ticket prices and higher fuel costs.

The airline reported a net loss of $99.3 million for the quarter ended in March, its first quarterly loss since the same period in 2012.

For the financial year ending the same month, net profit was down 55 percent to $258.9 million.

Warren Buffett lifts exposure to airlines, dumps 21st Century Fox
Warren Buffett lifts exposure to airlines, dumps 21st Century Fox

Revenue for the quarter was flat year-on-year at $2.67 billion despite strong passenger traffic.

Passenger yields tightened amid intense competition on prices. The result was also heavily influenced by a more than 50 percent jump in the average price of fuel.

Singapore's fuel bill grew five percent, pushing up total expenditures by four percent.

Singapore to invest $100m in AI
Singapore to invest $100m in AI

"Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields," the company said in a statement.

Over the full year, revenue dipped 2.4 percent to $10.67 billion.

An $83.2 million fine by the European Commission also weighed on the result. The EU's competition regulator fined 11 airlines, including Singapore Airlines, for colluding to fix cargo prices more than ten years ago.

Malaysia Airlines becomes first carrier to sign up for new satellite tracking service
Malaysia Airlines becomes first carrier to sign up for new satellite tracking service
Read also:
Please describe the error
Close
Glad to have you with us!
Good news: now we have free market quotes.
Close
Thank you for registration
Like us on Facebook to help us make even more interesting materials for free.
Close
Enjoy Insider.Pro without ads and install our extension for Google Chrome
Install