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Singapore Airlines Group Posts 110% Q3 Profit Rise

Thu Feb 05, 2004 9:43 pm

Singapore Airlines Group has announced a Q3 FY0304 profit of S$377.9 million - up 110%.

Revenue increased S$59.4 million to S$2.7644 billion.

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Joined: Mon Nov 13, 2000 4:06 am

RE: Singapore Airlines Group Posts 110% Q3 Profit Rise

Fri Feb 06, 2004 2:03 am

Singapore Airlines Limited - a Member of Star Alliance - the Airline Network For Earth - and the world's second largest airline by market capitalisation - listed on the Singapore Stock Exchange - is to release Q3 earnings for the financial year 2003/2004.

Dow Jones newswires polled four analysts with a range of S$308 million / US$181 957 819 to S$430 million / US$254 032 020 with an average of S$359 million / US$210 087 198.

"SIA's earnings will be driven by a combination of improved passenger yields, cost cutting benefits and lower landing fees but this will be partly offset by higher fuel costs," said Timothy Ross of UBS.

SIA Group recorded a non-profit of S$7 million / US$4 135 405 for H1.

"SIA should benefit from the strength of the euro due to its euro revenue growth exceeding euro cost growth. This is different to US dollar traffic, where US dollar denominated revenue growth roughly matches the US dollar cost growth," said Peter Hilton and felix Rusli of Credit Suisse First Boston in a joint note on the airline.
Anyone can fly, only the best Soar.
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Joined: Mon Nov 13, 2000 4:06 am

RE: Singapore Airlines Group Posts 110% Q3 Profit Rise

Fri Feb 06, 2004 3:27 am

Singapore Airlines Limited – A Member of Star Alliance – The Airline Network For Earth – has reported Q3 net profits for the financial year 1 April 2003 – 31 March 2004.

"The company has had an outstanding rebound from SARS with a near full recovery of capacity, very high load factors and resilient yields," said DBS Vickers Securities’ Chris Sanda.

"It's the way they manage the business from a profitability standpoint. They may not attract the most positive publicity but at the end of the day, if you are a shareholder you are comfortable that your interest is well taken care of," said Christopher Wong of Aberdeen Asset Management.

"The airline had near full recovery in capacity and near-record load factors and if this is sustained, is quite close to fully restoring the staff wage cuts," Mr. Sanda added.

Revenue increased S$49.6 million / US$29 290 185 to S$2.7644 billion / US$1 632 455 415. However, expenditure decreased 9.9% to S$2.2912 billion / US$1 353 017 598 thanks to a 21% reduction in staff costs to S$474.7 million / US$280 323 609 and a slight 2.9% drop in fuel costs to S$479.5 million / US$283 158 143.

Operating profit was hence S$473.2 million / US$279 437 817 with joint venture companies contributing S$7.6 million / US$4 488 012 and associated companies (including Air New Zealand and Virgin Atlantic Airways Limited) bumping up the profit before exceptional profits by S$20.9 million / US$12 342 034 and other things to S$497.4 million / US$293 728 593.

Taxation of S$114.8 million / US$85 508 445 gave a profit after taxation of S$391.8 million / US$231 368 844. Taking off minority interests, profit attributable to shareholders rose 110% on the previous Q3 is S$377.9 million / US$233 160 505.

It should be noted that on 20 January 2004, one MEGATOP was traded-in to Boeing. Also two CFM56 engines were sold in the same month.

Net debt was reduced to a net debt to equity ratio of 0.05 (debt of S$580 million / US$342 506 201.)

4000 less passengers were transported in Q3 compared to the previous quarter. Revenue passenger kilometres also fell 1.2% and capacity fell 5.4%. The passenger load factor however was up 3.3% to 76.2% and the breakeven load factor fell to 65.3% - down 7.5%. Passenger yield increased to 9.5 Singapore cents per passenger kilometre / 5.610 U.S. cents (up 3.3%) and unit cost fell to 6.2 Singapore cents / available seat kilometre / 3.661 U.S. cents (down 7.5%).

SIA Cargo (Pte) Limited – A Member of the WOW Cargo Alliance – carried 7.1 million kilograms of cargo and mail more than the previous quarter – 277.5 million kilograms. Cargo capacity grew 5.4% but cargo load tonne kilometres fell 1.8% and mail load tonne kilometres fell 22%. The load factor decreased to 66.2% from 71.2% but the breakeven load factor fell 8.3% to 59.5%. The yield increased to 37.8 Singapore cents per load tonne kilometre / US$22.322 U.S. cents (up 5%) and the unit cost per cargo tonne kilometre fell to 22.4 Singapore cents / 13.228 U.S. cents (down 7.9%)

Singapore Airport Terminal Service – the main ground handler at Singapore’s Changi Airport – announced a S$61.6 million profit / US$36 376 521 for the quarter. Revenue decreased 3% to S$240.9 million / US$142 258 179 and expenditure fell 11.2% to S$173 million / US$102 161 332. Operating profit increased 26.7% to S$67.9 million / US$40 096 847 and profit before taxation and exceptional items was both S$79.2 million / US$46 769 812 – up 23.4%. Taxation of S$17.6 million / US$10 393 292 gave a profit attributable to shareholders of S$61.6 million. Total debt amounted to S$252.6 million / US$149 167 356 giving a net debt to equity ratio of 0.21.

SIA Engineering Company – no slogan to put here – saw profit attributable to shareholders decrease 27.4% to S$37.9 million / US$22 381 009. Revenue fell 30.8 million to S$161.3 million / US$95 252 155 and expenditure fell 30.7% to S$136.7 million / US$80 725 168.

Sources of information:
Singapore Airlines Limited
SIA Engineering Company Limited
Singapore Airport Terminal Services Limited

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