SIA Q3 RESULTS

Dino D'Amore
By Dino D'Amore February 1, 2011 15:17

SIA Q3 RESULTS

The SIA Group has reported an operating profit of $509 million in the third quarter of the 2010-11 financial year, an increase of $186 million (+58%) over the same quarter last year. Revenue at $3,841 million grew $423 million (+12%) year-on-year, supported by continued improvement in carriage and yields. On the cost side, Group expenditure rose $237 million (+8%) to $3,332 million. Expenditure on fuel before hedging increased $154 million owing to higher jet fuel prices. Group net profit for the third quarter was $288 million, a decline of $116 million from the corresponding period a year earlier. In the quarter, a $199 million provision was made in accordance with the Singapore Financial Reporting Standards for fines imposed. While SIA Cargo has accepted the plea offer made by the United States Department of Justice, it has filed appeals against fines imposed by the European Commission and the South Korean Fair Trade Commission, and intends to contest these fines.

Dino D'Amore
By Dino D'Amore February 1, 2011 15:17
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