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Singapore Airlines posts record revenue on passenger growth, profit falls

SINGAPORE — Singapore Airlines on Thursday (May 16) reported its highest ever annual revenue on a jump in passengers, though higher fuel costs nearly halved its profit.

Singapore Airlines warned that trade tensions and slowing economic growth in its key markets threatened its operating environment.

Singapore Airlines warned that trade tensions and slowing economic growth in its key markets threatened its operating environment.

SINGAPORE — Singapore Airlines on Thursday (May 16) reported its highest ever annual revenue on a jump in passengers, though higher fuel costs nearly halved its profit.

Revenue rose 3.3 per cent to S$16.32 billion for the year ended March 31, as the number of passengers it carried jumped 7.2 per cent.

The airline's net profit fell to S$682.7 million in the period from S$1,301.6 million a year earlier, when the figures were restated to reflect accounting changes. Fuel costs jumped 25.1 per cent, weighing on the profit.

Singapore Airlines forecast 2019/20 group passenger capacity growth of 6 per cent, lower than the 6.4 per cent recorded in 2018/19, weighed down by issues related to its Boeing 737 MAX 8 fleet and Rolls-Royce Trent 1000 TEN engines.

The airline's regional arm, SilkAir, operated six Boeing Co 737 MAX jets before they were grounded in March following a deadly crash in Ethiopia.

The carrier last month also grounded two Boeing 787-10 jets fitted with Rolls-Royce Holdings PLC Trent 1000 TEN engines after checks of its fleet found premature blade deterioration.

The carrier, a benchmark for Asia's premium airline industry, also warned that trade tensions and slowing economic growth in its key markets threatened its operating environment. REUTERS

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