SIA post promising first quarter profits

The Singapore Airlines Group has revealed net profits of $78 million for the first quarter of the 2012/2013 financial year.

Increased fuel charges and decreased demand following the Japanese earthquake disasters last year did not hinder 2012 profit margins.

“In this difficult environment, the Group will maintain its vigilance in cost control and remain nimble in deploying capacity to meet market demand. The Group is well positioned to weather the challenges with its strong balance sheet,” Singapore Airlines said in a statement.

Most aspects of the Group’s business reported profits, some posting turnaround results, such as the Parent Airline Company generating an $85 million operating profit, compared with a $36 million loss in the first quarter of 2011.

SIA Engineering recorded operating profits of $34 million, SilkAir $18 million and SIA Cargo issued losses of $49 million.

Passenger carriage improved by almost 10 percent, while overall Group revenue grew by 6 percent.

Singapore Airlines also took delivery of its 100th aircraft in April, an A380-800.

Sourced: etravelblackboardasia