S’pore Airlines reports net loss
May 19, 2017-Singapore Airlines (SIA) on Thursday reported a net loss in the fourth quarter, causing full-year profit to drop by more than half as intense competition continued to buffet the carrier. SIA has been battling strong competition from Asian low-cost carriers and Middle Eastern airlines, which now boast modern fleets and top-quality inflight services. It said in a statement that a “wide-ranging review” of the company’s network, fleet, products, services, organisational structure, and processes is underway to better position the airline for the future. The carrier said it suffered a net loss of S$138.3 million ($99.4 million) in the fourth quarter to March as operating profit tumbled and the airline made a provision for its cargo business. For the full-year, net profit came in at S$360 million, down 55.2 percent from the previous year.
Published: 19-05-2017 10:22