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qf789
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Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 1:32 pm

Singapore Airlines has reported their highest profit in 7 years, an increase of 148% in net profit.

Though SQ has announced a profit they have warned of pressures from rising fuel prices, costs and intense competition.

The carrier, a benchmark for Asia’s premium airlines, made S$893 million ($665.6 million) in the year ended March, up from S$360 million a year earlier and 28 percent higher than the S$697 million average forecast from 14 analysts polled by Thomson Reuters I/B/E/S.

A strong fourth quarter marked a turnaround from a year ago, when an operating loss by its flagship full-service airline led the company to launch a three-year transformation program designed to cut costs and boost revenue amid competition from Chinese and Middle Eastern rivals and low-cost carriers.


https://www.reuters.com/article/us-sing ... SKCN1II19R
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LAXintl
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 3:07 pm

Group revenue up nicely (6.3%), though as stated some cost like fuel, labor and handling are growing drags.

Also all 5 main units (SQ mainline. Silk, Scoot, cargo, engineering) turned in profits with biggest percentage improvement by cargo going from $3mil to $148mil profit in the year.
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huaiwei
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 5:22 pm

SQ mainline: operating profit increase from S$317 million to S$703 million
SQ Cargo: operating profit increase from S$3 million to S$148 million
Scoot: operating profit increase from S$67 million to S$77 million
SilkAir: operating profit decrease from S$101 million to S$43 million

Where are all those people insisting SQ mainline is dead and no longer the focus or the future of the company?
It's huaiwei...not huawei. I have nothing to do with the PRC! :)
 
clrd4t8koff
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 5:53 pm

Congrats SQ! Now please start service to BOS :D
 
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chunhimlai
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 7:31 pm

Meanwhile for cathay
 
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janders
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 7:56 pm

huaiwei wrote:
Where are all those people insisting SQ mainline is dead and no longer the focus or the future of the company?


Management itself has said the growth is with the leisure units.

SQ mainline is not growing. 2017 fleet was 106, virtually same as 108 frames in 2010.

Meanwhile, Scoot is brand new with 35 planes and Silk grew from 17 to 30 frames in 2017.
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smi0006
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 8:26 pm

Whilst only experiencing their ground operations. I have no idea how they make any money, incredibly overstaffed and inefficient in airports. They could so the same job if not better with half the staff - any problem, simply throw some head count at it. They need to start to address this to get their labour costs further under control.
 
tullamarine
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 9:02 pm

smi0006 wrote:
Whilst only experiencing their ground operations. I have no idea how they make any money, incredibly overstaffed and inefficient in airports. They could so the same job if not better with half the staff - any problem, simply throw some head count at it. They need to start to address this to get their labour costs further under control.


Not often that you get a complaint that there are too many staff. At most airports other than SIN, you'd probably find most of the staff are contractors working for companies such as Menzies or Dnata. Across the day, these staff can service a number of airlines.
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smi0006
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 9:35 pm

tullamarine wrote:
smi0006 wrote:
Whilst only experiencing their ground operations. I have no idea how they make any money, incredibly overstaffed and inefficient in airports. They could so the same job if not better with half the staff - any problem, simply throw some head count at it. They need to start to address this to get their labour costs further under control.


Not often that you get a complaint that there are too many staff. At most airports other than SIN, you'd probably find most of the staff are contractors working for companies such as Menzies or Dnata. Across the day, these staff can service a number of airlines.


Not a complaint more a surprising observation. But I’m meaning on top of the GHA staff Menzies or Dnata they would have 6 or more staff on shift for a single flight, plus additional admin and management staff on station. No point duplicating and over managing the GHA simply for the sake of it. Doesn’t lead to improved service.
 
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mercure1
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Thu May 17, 2018 10:29 pm

Yes its good they are making money, but as they warn, there is increased competition from cadre of LCCs in the region, and company must adapt focus on serving this budget sector.
 
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LAXintl
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Fri May 18, 2018 12:33 am

Silk Air to be rebranded as Singapore Airlines and take over more regional ops.

https://www.singaporeair.com/en_UK/sg/m ... 718-180518
From the desert to the sea, to all of Southern California
 
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mercure1
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Fri May 18, 2018 12:43 am

Wonder what they will do with MI staff and labor agreements. Will they be merged into (higher cost) SQ ones? If so does not sound like a recipe for success.
 
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UPlog
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Fri May 18, 2018 4:11 am

From frequent flyer point of view suppose this is good, as MI was not a Star partner, and one would often earn minimal miles (if any) when using MI connections based on my experience.
 
infinit
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Fri May 18, 2018 4:27 am

LAXintl wrote:
Silk Air to be rebranded as Singapore Airlines and take over more regional ops.

https://www.singaporeair.com/en_UK/sg/m ... 718-180518


This is big.. deserves its own thread!
 
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huaiwei
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Re: Singapore Airlines Group announces 148% rise in full year net profit

Fri May 18, 2018 9:25 pm

janders wrote:
huaiwei wrote:
Where are all those people insisting SQ mainline is dead and no longer the focus or the future of the company?


Management itself has said the growth is with the leisure units.

SQ mainline is not growing. 2017 fleet was 106, virtually same as 108 frames in 2010.

Meanwhile, Scoot is brand new with 35 planes and Silk grew from 17 to 30 frames in 2017.

Has SQ management been consistent in that message, or were they simply responding to media queries at a particularly difficult time for SQ? How does that square with far more reports stating that the management believes it has to compete in *all* sectors, and not just the leisure ones?

So the SQ mainline has not grown as a basis of evidence? Well if you are new to SQ, the airline fleet is maintained at about a 100 for decades now, even before the introducing of LCCs in the region. And there are reasons for this. Are you therefore saying SQ mainline has never been the focus for decades?

Scoot is growing? Of course! It is a much newer airline. Silkair? Well it will be no more soon, just as SQ Cargo is returning back to the mainline.

I would love to see anyone still trying to claim that SQ only cares about Scoot when SQ mainline eventually becomes an SQ+SQC+MI combination.
It's huaiwei...not huawei. I have nothing to do with the PRC! :)

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