Singapore Airlines interim profit, Digi Mart USA News (Singapore): Singapore’s flag carrier posted a half-yearly net profit of S$134 million (US$104.56 million) on Wednesday, November 11, down from S$239 million a year earlier.
Singapore Airlines’ interim net profit fell nearly 44 per cent, hurt by a sharp spike in jet fuel costs stemming from the Middle East conflict. The decline was somewhat offset by narrower losses from its share of Air India and other associates.
A consensus from Visible Alpha had expected profit to drop further, to S$65.3 million. The airline’s expenditure rose more than 20 per cent to S$10.73 billion, largely due to a surge of over 90 per cent in fuel costs before hedging.
Average jet fuel prices over the six months stood at US$171 per barrel, up 86.7 per cent from the previous year amid the ongoing conflict in the Middle East, the company said. The softer first-quarter performance also weighed on results.
Singapore Airlines’ share of losses from Air India in the interim period narrowed to S$361.7 million from S$429.5 million a year ago. Total revenue for the first half rose 16.8 per cent to S$11.30 billion from the same period last year.
