Singapore Airlines records net loss of 99 mln Dollars in January-March

SIA Cargo Boeing 747-400F

The company hasn't yet revealed details, but an official at Air China, which owns 30 per cent of the carrier, said in March that Cathay will cut more than HK$4 billion (S$716 million) in costs over three years.

Noting that SIA's budget carriers, Tiger Air and Scoot, had done better than their parent airline, Shukor said this indicates "that the growth for the SIA Group is pretty much now in the low-priced segment of the business".

The move comes after SIA announced on Thursday that it sank into 4QFY17 losses of S$138.3 million, due largely to a S$132 million provision for SIA Cargo for competition-related matters. The aim is to "identify new revenue-generation opportunities", SIA said in a press statement on May 18, 2017.

SIA said the new aircraft would enable the group to expand its network and boost competitiveness in both the full-service and low-priced segments.

It added that the reintegration is not expected to have a material impact on SIA's financial performance in 2017/18 financial year. The two budget carriers are merging to operate under the Scoot brand from the second half of 2017.

SIA said the many strategic initiatives being implemented to address the structural changes in the industry were now showing positive results.

More news: Arsene Wenger on why Arsenal failed to catch Chelsea this season

A yet-to-be-painted A350-900 for Singapore Airlines seen at Airbus's headquarters in Toulouse on May 17.

Singapore Airlines declared a final dividend of 11 cents per share for the 2016/17 financial year.

The airline confirmed it would return four of its A380s to lessors during fiscal 2018, which will be the first aircraft of the type to enter the second-hand market.

"The addition of more modern, fuel-efficient aircraft with new-generation cabin products is enabling the Group to expand its network and enhance its competitiveness in both the full-service and low-priced market segments", SIA said. Ex-fuel costs rose SGD$468 million, however, as the carrier's budget airlines, Scoot and Tiger Airways added double-digit capacity.

Operating profit for the Parent Airline Company declined $99m or 20.4% year-on-year, to $386m. Load factor edged down 0.8 percentage points to 79.0 percent as a result.

Besides a weaker operating profit (-$58m), SIA says the deterioration in group net profit was largely attributable to SIA Cargo's provision for competition-related matters (-$132m) and absence of a refund received previous year (-$117m).

Related News:

  • Iraq, Algeria to support extension of oil production cuts

    Iraq, Algeria to support extension of oil production cuts

    Brent for July settlement was 12 cents higher at $49.46 a barrel on the London-based ICE Futures Europe exchange. The figures showed the biggest one-week drop in oil stockpiles this year.
    Trump says he has 'absolute right' to release terrorism info to Russians

    Trump says he has 'absolute right' to release terrorism info to Russians

    Officials told CNN at the time that the ban came about following the collection of intercepted material and "human intelligence". They got there just before the news upended Washington, and early enough that it wasn't a hot dinner discussion topic.
    Fiat Chrysler seeks diesel emission certification from EPA

    Fiat Chrysler seeks diesel emission certification from EPA

    The automaker said Friday the update should resolve the agencies' concerns about the emissions software in those vehicles. Department of Justice is gearing up to sue FCA over the issue if it is not resolved promptly.
  • UK police threaten to arrest Assange if he leaves Ecuador embassy

    UK police threaten to arrest Assange if he leaves Ecuador embassy

    Ny added the investigation could be reopened if Assange returns to Sweden before the statute of limitations lapses in 2020. Julian Assange's lawyer is asking French president Emmanuel Macron to intervene in support of the WikiLeaks founder.
    5 takeaways from Game 3 against Boston Celtics — Washington Wizards

    5 takeaways from Game 3 against Boston Celtics — Washington Wizards

    His postgame comment came shortly after Thomas' turn at the podium. "I knew my knee was just locking up a little bit". The free-throw line is where Thomas shines, as he shot 90 percent from there, second-best among eligible players.
    Derek Jeter's number is retired at Yankee stadium

    Derek Jeter's number is retired at Yankee stadium

    Not that this current Yankees team and managed by Joe Girardi does not have the same mentality. No rumors about substance abuse or drugs to enhance his body and boost the statistics.
  • Davenport AT&T workers join nationwide, three-day strike

    Davenport AT&T workers join nationwide, three-day strike

    As at most telecommunications companies, AT&T's wireless business is growing faster and is more profitable than its wireline side. The weekend strike is being held across 36 states and the District of Columbia and involves an estimated 40,000 union members.

    Occidental Petroleum Corp's (NYSE:OXY) Sentiment is 1.03

    TRADEMARK VIOLATION WARNING: This report was originally published by Chaffey Breeze and is the sole property of of Chaffey Breeze. This represents a $3.04 annualized dividend and a yield of 5.04%. 15,000 shares were bought by Hollub Vicki A., worth $940,800.

    Mourinho Hopeful World Number One De Gea Will Remain At United

    He is learning how to live after his father died, but he knows he needs to play on Sunday. We have a few on crutches", said Mourinho, when asked who was attending the final.
  • US Extends Iran Nuke Deal Sanctions Relief, Imposes New Ballistic Missile Sanctions

    The nuclear agreement eased crippling economic sanctions on Iran in return for imposing strict limits on its nuclear program. Matin Sanat has aided an Iranian chemical company responsible for producing Iran's liquid-fueled ballistic missile industry.
    Farewell to Lahm and Alonso

    Farewell to Lahm and Alonso

    And amidst the glittering successes, there have been some truly bitter defeats. "Philipp Lahm has written football history". Lahm spent his entire career at Bayern Munich, after joining the German giants as an 11-year-old.
    Oil prices up 2% after deal to extend supply cut

    Oil prices up 2% after deal to extend supply cut

    It seems likely that the current deal amongst Opec nations and some other key oil producing nations will be extended. The worldwide benchmark for crude oil was up $1.35, of 2.7 percent on the day, at $52.19 a barrel on the news .


Most liked

Former Fox News chief Roger Ailes dies at 77
Other GOP lawmakers praised Ailes for his transformative impact on news and politics and providing a platform for conservatives. More than 20 women came forward before his death to accuse Ailes of sexual harassment, prompting Ailes to resign from Fox.

Xbox One Edition Goes Free for This Weekend
All Xbox Live members on Xbox One will get a limited time free unlock of Minecraft: Xbox One Edition to play from May 18-21. All progress made and achievements earned will transfer to the full game if purchased after the event is over.

Senator McCain Calls for Expulsion of Turkish Ambassador
Another video shared on social media Thursday showed Erdogan watching the melee unfold from the backseat of his vehicle. The statement said that the USA communicated its concerns to the Turkish government "in the strongest possible terms".

LeGarrette Blount explains why he left Patriots for Eagles
When asked about the history of Philly sports, Blount said he wants to be remembered as one of the greats. "I definitely want to make sure the young guys stay on the right track", Blount said Thursday.

Korean officials seek to mend rift with meetings
In March, South Korean officials voiced concerns that Beijing was limiting tourism to their country as an unofficial sanction. He said: "We should fly, by able to fly and operate wherever global law allows".

Union Station's advertisement screen played porn videos
The sexually explicit content lasted for around three minutes and was reportedly streamed from the site PornHub. A video of the incident was posted to social media, and has since been deleted, according to The Post.

1 dead in western Wisconsin after apparent tornado
Utility companies in Oklahoma , Wisconsin and Iowa reported more than 15,600 customers were without power early Wednesday morning. This item has been corrected to reflect that the tornado killed a man in northwestern Wisconsin , not the northeast of the state.

Merkel and Macron agree to draw up roadmap to deeper European Union integration
The draft is expected to be approved by the SPD's party leadership next week and is likely to be adopted at a party congress on June 25.

China's Xi Jinping Wants Relations With South Korea Back To Normal
Any country that did not look at putting new sanctions on North Korea was, in effect, helping the isolated nation, she said. He added that China hopes South Korea's new government will "correct the problems" and take measures as soon as possible.

Danny Ainge's patience pays off with Celtics' draft lottery win
The Celtics had a 25 percent chance to get the top pick, thanks to Brooklyn finishing with the worst record in the league. Speaking with ESPN on Wednesday , Pierce clearly believes it's time for Danny Ainge to make another blockbuster deal.

Sharapova vows to 'rise up again' after French Open snub
If no wild card is awarded, the 30-year-old would need to negotiate her way through qualifying at Roehampton. The Russian tennis player had left the court for an injury timeout during the second game of the third set.

President Trump, Richard Nixon and Watergate: Which memo is the smoking gun?
Al Green (D-TX) went before the House of Representatives to call for the impeachment of President Trump. Comey has turned down past offers to testify before Congressional committees.

Pablo Zabaleta aims parting dig at United in farewell speech
Soon after, Zabaleta came off the bench in his final performance in front of City's home fans. In my situation at a big club, I'm sacked, I'm out, sure, definitely.

Syrian government denies USA allegations of mass killings
The deal was reached with support from Iran and Turkey during ceasefire talks in the Kazakh capital of Astana earlier this month.

Facebook Lied About WhatsApp & Misused User Data
The EC said that Facebook said it could not match its user accounts automatically on its platform with those of WhatsApp. The fine stands as one of the most significant regulatory penalties that has ever been posed against Facebook .