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City and finance


19 May 2017

BY Tom Parry

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Singapore Airlines slips to a loss during Q4

Singapore Airlines (SIA) posted a surprise loss during the first three months to March as the carrier battled “intense competition” in the marketplace.

Singapore Airlines aircraft

The carrier blamed “intense competition” in the marketplace

Faced with rising cost pressures and the reinstatement of a fine lobbied against its cargo division, the carrier fell into the red, suffering a net loss of Sg$138.3 million ($99.4 million) in the fourth quarter to March 31 as operating profit tumbled.


Full-year net profits fell 55.2% to Sg$360 million as revenue dropped 2.4% to Sg$14.87 billion.


SIA said: “Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields.”


The airline group is to conduct a “wide-ranging review” of its network and fleet, product and service, and organisational structure and processes.


Its objective is to “better position the group for long-term sustainable growth across its portfolio of full-service and budget airline operations”.


SIA added: “The review is aimed at identifying new revenue-generation opportunities and reshaping the business into one that continues to deliver high-quality products and services, though with a significantly improved cost base and higher levels of efficiency.”

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