docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

SIA Confident It Can Avoid First Ever Loss

Fri Apr 19, 2002 8:51 pm

(THIS IS AN ARTICLE)

I'm posting this not so much that it's "interesting", but that Singapore_Air hasn't posted this yet!  Smile/happy/getting dizzy

http://sg.news.yahoo.com/020419/1/2o9s5.html

Friday April 19, 6:59 PM
Singapore Airlines says it can avoid first ever loss

SINGAPORE, April 19 (AFP) -
Singapore Airlines Ltd. (SIA) said Friday it was confident of staying profitable in the financial year ended March after introducing a series of cost-cutting measures.

Chief executive Cheong Choong Kong told union leaders in a meeting it was highly likely the carrier's "loss-free record will remain intact," SIA said in a statement.

Last year, the airline said it was looking at a first-ever loss in light of the global economic downturn and fallout from the September 11 terror attacks in the United States.

SIA, which listed on the Singapore Exchange in 1985, saw its six-month net profit in the period ended September plunge 88.2 percent to 134.8 million dollars (74.48 million US) from a year ago.

The sharp drop in half-year earnings prompted the carrier to raise the possibility that it would see a loss for the full year to March after a 1.55 billion dollar profit in the previous year.

Cheong told union leaders that employees would also get a partial restoration of their wage cuts if the airline posted profits of between 200 million and 350 million dollars, the statement said.

"The wage cuts would be restored in full if group after-tax profit was 350 million or more," it said.

The airline took steps to trim costs last year, including pay cuts ranging from 2.5 percent to 15 percent, a freeze on new hirings and deferments in aircraft deliveries.

SIA has 98 aircraft including freighters and has planned to increase the fleet to 106 aircraft by March next year.



 
Cathay Pacific
Posts: 1715
Joined: Sat May 27, 2000 1:29 am

RE: SIA Confident It Can Avoid First Ever Loss

Fri Apr 19, 2002 9:02 pm

wow, you beat Singapore_Air in posting this??? I cannot believe it!!!!

cathay pacific, now you're really flying
 
gkirk
Posts: 23347
Joined: Thu Jun 15, 2000 3:29 am

RE: SIA Confident It Can Avoid First Ever Loss

Fri Apr 19, 2002 9:59 pm

 Wow!  Big thumbs up
I see, is this 20 characters?
When you hear the noise of the Tartan Army Boys, we'll be coming down the road!
 
docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

RE: SIA Confident It Can Avoid First Ever Loss

Fri Apr 19, 2002 10:49 pm

(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!

 Smile/happy/getting dizzy  Smile/happy/getting dizzy  Smile/happy/getting dizzy  Smile/happy/getting dizzy  Smile/happy/getting dizzy
 
hkg82
Posts: 1303
Joined: Fri Apr 05, 2002 4:24 pm

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 12:30 am

Where's Singapore_Air? Amazing he wasn't the first to post this!!

Anyway, hopefully they will be able to maintain their loss-free record. It would be pretty cool, considering what the industry has gone through.

Hkg82.
 
docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 12:33 am

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.

YOO HOO SINGAPORE_AIR, WHERE ARE YOU???!?!?!

 Smile/happy/getting dizzy  Smile/happy/getting dizzy  Smile/happy/getting dizzy
 
hkg82
Posts: 1303
Joined: Fri Apr 05, 2002 4:24 pm

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 1:15 am

Just curious Singapore_Air, are you Singaporean or British? Don't let this question startle you, just curious!  Smile

hkg82.
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 1:44 am

Sorry I am here!

I have relatives so therefore my internet time is cut. Such a shame!

Anyway this is FANTASTIC NEWS!! As Docpepz said, even with the writedown of ANZ and the losses at VS Group, to make a profit is exquisite! I was bursting with joy when I heard.

Our operating profit (which excludes extravagants such as ANZ and stuff) would have been excellent anyway.

More from me later. I have to get off ffs!

Hooray for Singapore Airlines! Now more than ever a great way to fly with an unblemished profitability record!



Anyone can fly, only the best Soar.
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 2:59 am

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.)
----

HKG82: I am Vietnamese born in England  Big grin

Hooray!
Anyone can fly, only the best Soar.
 
docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 3:05 am

It's obvious from Cheong's statement that profits will be between S$200 and S$350 million. (Which is US$110 to US$180 million)
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 5:28 pm

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  Big thumbs up
---

(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)

More information at the
Anyone can fly, only the best Soar.
 
9V-SVE
Posts: 1953
Joined: Mon Nov 12, 2001 7:51 pm

RE: SIA Confident It Can Avoid First Ever Loss

Sat Apr 20, 2002 5:34 pm

Singapore_Air is a Vietnamese-British guy. But it weird that he has 0 miles in his Krisflyer account. Big grin