The Singapore Airlines Group earned an operating profit of S $111 million (US$80.9 million) in the carrier’s first quarter (April-June) of 2015, S$72 million higher than the same quarter last year. After non-operating items, Group net profit improved $56 million year-on-year to S$91 million.

Cargo revenue also declined over last year by 7.2 per cent to a loss of $37 million, notwithstanding a slight increase in freight carriage, due to what SIA said was a 7.6 per cent fall in yield. SIA Cargo did manage to halve its operating loss compared to last year but lower revenue stemming from the reduction in cargo yield was more than offset by the fall in expenditure, mainly from lower fuel costs.

During the April-June quarter, the parent airline company took delivery of one A330-300 and decommissioned two B777-200s in preparation for lease return. In addition, one A330-300 that was delivered in March entered into service.