Docpepz From Singapore, joined May 2001, 1938 posts, RR: 3 Reply 3, posted (11 years 1 month 1 week 2 days 10 hours ago) and read 845 times:
(not an article)
Yes, Cathay Pacific. I saw this article on yahoo and didn't recall seeing anything like this on airliners.net. I had to double (make that triple or even quadruple) check to ensure it wouldn't be a double post. Quite shocking you know, that Singapore_Air isn't the first one to reveal this startling piece of info to the world!
yoo hoo Singapore_Air, where are you???? You're missing out on big news!
Docpepz From Singapore, joined May 2001, 1938 posts, RR: 3 Reply 5, posted (11 years 1 month 1 week 2 days 8 hours ago) and read 810 times:
And remember we have to couple this with the hundreds of millions in losses from Air NZ/Ansett, as well as Virgin Atlantic. It'll be miraculous if they make a profit after writing these off! (and bearing Air NZ's and VS's operating losses)
Anyway through SIA's books we'll be able to know how VS did over the last financial year.
Singapore_Air From United Kingdom, joined Nov 2000, 13711 posts, RR: 21 Reply 8, posted (11 years 1 month 1 week 2 days 5 hours ago) and read 779 times:
I am over the moon.
I am sure that this shows that even through the face of adversity, good management prevails. SIA faced it all, Virgin Atlantic Airways losses, the write-off of ANZ, the post September 11 market - but Singapore Airlines have profited.
I am so happy. This is a most momentous moment for me and all the SIA fans in the world. Cheers!
Singapore Stock Exchange:
STATEMENT ON A MEETING BETWEEN DR CHEONG CHOONG KONG AND UNION LEADERS
19 April 2002
At a meeting this afternoon, Singapore Airlines (SIA) Deputy Chairman and Chief Executive Officer Dr Cheong Choong Kong told union leaders of the SIA Group that thanks to their cooperation on wage reduction and the recent improvement in loads, it is now very likely that SIA's loss-free record will remain intact. Moreover, SIA employees should be able to receive at least a partial restoration of their wage cuts.
(All the staff unions in the SIA Group had agreed to wage cuts following the impact on the airline industry of the global recession and the terrorist attacks last September. The wage cuts, ranging from 2.5 per cent to 7 per cent, took effect from November 2001. Under the agreement, SIA would restore half the quantum of the wage cuts if the Group After-Tax Profit (GATP) for financial year 2001/02 exceeded $200 million but was below $350 million. The wage cuts would be restored in full if the GATP was $350 million or more.)
Singapore_Air From United Kingdom, joined Nov 2000, 13711 posts, RR: 21 Reply 10, posted (11 years 1 month 1 week 1 day 15 hours ago) and read 733 times:
The Straits Times in Singapore has a relatively long but disappointing article as in it doesn't go full blown in depth about it. But anyway, that's just me
(not an article)
Singapore Airlines is "very likely" to keep it's loss free record for the FY01/02
SIA deputy chairman and chief executive officer Cheong Choong Kong told union leaders that 'thanks to their cooperation on wage reduction and the recent improvement in loads, it's now very likely that SIA's loss-free record will remain intact'.
However, most analysts said that improved figures at SIA have convinced many it would profit anyway.
In November, it agreed a deal with the unions in which it would cut pay by 2.5% to 7%.
In a sign of good management as pronounced by analysts, SIA would restore half the wage cuts if profits hit between S$200 million and S$350 million sometime in the future. If profits exceeded S$350 million, full cuts will be restored as would the 13th month bonus.
Reacting to Dr Cheong's statement yesterday, union leaders said that the news, while welcome, was not a surprise.
SIA Engineering Company Engineers and Executives Union general secretary William Wee said: 'Most of the staff expected at least a partial restoration but, of course, we would prefer full restoration.'
'The news was expected because the half-year results were already favourable,' he added.
In H1, SIA's profits sunk 88% to US$70 something million.
Kim Eng Securities research head Seah Hiang Hong said: 'The market consensus is that SIA will turn in a full-year net profit of $323 million, so I am not surprised at Dr Cheong's announcement.' (However, the concensus that I use is saying that the conscensus is only S$203 million)