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)
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