Singapore Airlines announces profit
The Singapore based legacy carrier has announced net profits of $216 million for the last financial year, that ended on 31st March 2010.
The low cost subsidiary carrier owned by Singapore Airlines, SilkAIr, also announced a profit of $31 million. This is a near doubling of the operator's profits from of $17 million the year before.
Singapore Airlines recovered from a poor first half of the year, during which their losses reached $466 million. Rising premium travelers impact the airlines revenues from October 2009 onwards.
The airlines costs reduced to $3.095 million, which is a saving of $254 million. However, their fuel costs rose 30% and remains a concern in the year ahead.
The airline said they are confident in the outlook for the year ahead. Advanced bookings are encouraging and there are especially good figures for business travelers.
Fuel costs will remain an issue and the airline is looking to hedge one fifth of its 33 million barrels of oil required.
Source: Air and Business Travel News
