SIA quarterly profits surge 58%
Singapore Airlines (SIA) has announced an operating profit of SG$509 million (US$396 million) in the third quarter of the 2010-11 financial year – an increase of SG$186 million, or 58%, over the same quarter last year. Group revenue expanded 12% year-on-year to SG$3.84 billion. SIA’s group expenditure rose 8% to SG$3.33 billion. In the quarter, a SG$199 million provision was made for fines imposed in connection with cargo price fixing cases in the US, Europe and Korea. This led to a 28.7% drop in net profits for the quarter, to SG$288 million, although SIA has confirmed that it intends to contest the rulings. Excluding the fines, group net profit improved 21%.