Singapore Airlines (SIA) has said its fourth quarter net profit soared more than six-fold as the global economic rebound boosted travel and cargo demand. Net profit in the three months to March was S$278 million (US$197.5 million), up from $42 million in the same quarter the year before, the company said in a statement. Together with the $404 million net profit in the third quarter, the fourth quarter earnings reversed $466 million in losses recorded in the financial first half. The airline … [Read more...] about Singapore Airlines’ Q4 net profit up six-fold
SIA Cargo
SIA Cargo weathers the storm
Hit by the global recession and the drastic drop in transport demand, Singapore Airlines Ltd (SIA) had earlier in the year decommissioned 17 aircraft in the financial year starting in April, as the carrier prepared to face a “very difficult†2009. The airline also slashed routes, merged flights, cut fuel surcharges three times since September and reorganised its network in a bid to balance supply and demand requirements. According to a SIA Cargo spokesperson, the … [Read more...] about SIA Cargo weathers the storm
SINGAPORE: SIA Cargo’s May volumes down 21%
Singapore Airlines’ freight traffic fell 20.7 per cent in May as the carrier scrambled to scale back capacity in the face of declining cargo demand. The carrier’s cargo division cut its freight capacity 21.4 per cent from the same month a year ago, helping SIA record its largest cargo load factor this year – 61.2 per cent – which was the highest the airline has recorded since June 2008. SIA Cargo’s freight traffic, measured in … [Read more...] about SINGAPORE: SIA Cargo’s May volumes down 21%
Singapore Airlines Cargo off the hook, for now
Australia's federal court has dismissed a case against Singapore Airlines Cargo brought by the Australian Competition and Consumer Commission (ACCC). The ACCC has alleged that SIA Cargo was involved in illegal price-fixing over the carriage of air cargo, an investigation that is simultaneously being carried out by competition authorities around the globe, primarily in the US and Europe. Federal Court judge Peter Jacobson ruled that the ACCC had failed to properly specify material facts to … [Read more...] about Singapore Airlines Cargo off the hook, for now
Singapore Airlines sees profits plunge 92%
Singapore Airlines (SIA) said its January-March profit plunged 92 per cent as the global economic slowdown depressed passenger and cargo movements. The carrier's net profit for its fiscal fourth quarter was S$41.9 million (US$28.7 million), down from S$528 million a year earlier, it said in a statement. That took the net profit for the whole year to S$1.06 billion, down 48 per cent from the previous year. The company's cargo division, SIA Cargo, booked a loss of S$245 million, reflecting the … [Read more...] about Singapore Airlines sees profits plunge 92%
New Latin American services for SIA Cargo
In the face of persistent industry gloom, Singapore Airlines Cargo has commenced B747-400 freighter flights to the Brazilian city of Sao Paulo, Quito in Ecuador, and Bogota in Colombia. The cargo division began operating the services from 7 February under a special approval granted by the aviation authorities in these countries. … [Read more...] about New Latin American services for SIA Cargo