INDUSTRY.co.id - The Singapore-Singapore Airlines (SIA) Group posted net income of $ 425 million in the first half of its 2017 financial year, representing $ 103 million or + 32% higher than last year.
This is the result of higher Group operating profit (+ $ 211 million) and lower losses from associated companies (+ $ 46 million), ignoring last year's gain on SIA Engineering's divestment of its 10.0% stake in Hong Kong Aero Engine Services Ltd (HAESL) and special dividends received from HAESL (- $ 178 million), according to a press release received by Industry.co.id in Jakarta on Friday (17/11/2017).
Group operating profit in the first half increased by $ 211 million, or 69.9% year-on-year (YOY) to $ 513 million behind strong growth in second-quarter operating profit (+ 112.8%) .
The Group's revenue increased by $ 401 million in the same period last year to $ 7,712 million (+ 5.5%), with an increase in revenue seen across all business segments. Passenger flown revenue contributed $ 166 million (+ 2.9%) to enhanced travel flow (+ 6.6%), exceeding the reduction in passenger yield (-3.1%). Cargo revenue increased by $ 123 million (+ 6.1%) on freight carriage, and cargo (+ 6.7%). Engineering services accounted for an increase in revenues of $ 52 million (+ 26.9%), largely due to maintenance and aircraft component repair activities.
Group Expenditures increased by $ 190 million to $ 7.199 million (+ 2.7%). Clean fuel costs increased by $ 14 million (+ 0.8%), as a reduction in fuel loss of $ 273 million offset increases in fuel costs before hedging, primarily due to higher average jet fuel prices . The residual fuel costs increased by $ 176 million or (+ 3.4%), partly influenced by the expansion of operations by SilkAir and Scoot.
