Connect to share and comment

Singapore Airlines third-quarter net profit down 65 percent

Singapore Airlines (SIA) said Thursday its third-quarter net profit fell 65 percent from the previous year, weighed down by a huge legal settlement bill in the US and losses from associated companies. The flag carrier said in a statement that net profit in the three months ended December was Sg$50.1 million ($39.41 million), down from Sg$142.5 million in the same quarter the year before. It said the figure was dragged down by a Sg$78 million dollar settlement in a class action suit filed in the US against its freight arm SIA Cargo.

SIA, Air New Zealand form alliance

Singapore Airlines (SIA) and Air New Zealand on Thursday announced an alliance to expand services to both countries as they look to capitalise on growing tourism traffic in Asia-Pacific. The alliance will enable SIA to operate its Airbus A380 superjumbos to New Zealand for the first time, progressively replacing daily services using the smaller Boeing 777-300ER, the firms said in a joint statement.

Singapore Airlines stops world's longest flight

The world's longest nonstop commercial flight ended without fanfare Monday after Singapore Airlines (SIA) flew its last nearly 19-hour service from New York. Flight SQ 21 landed early Monday in Changi Airport, bringing an end to a nine-year run. A direct service to Los Angeles has also been cancelled as part of a fleet renewal. "Food and refreshments were served to customers at the airport gate hold rooms in Singapore and Newark. Customers were also presented with commemorative gift sets and certificates," an SIA spokesman added.

Singapore Airlines Q2 net profit up 78 percent

Singapore Airlines (SIA) said Tuesday its net profit in the second quarter rose 78 percent year-on-year but warned that intense competition and a strong local dollar will put pressure on yields. Net profit for the three months ended September was Sg$160 million ($128 million) on revenue of Sg$3.90 billion, the airline said in a statement. It said the rise was "mainly attributable to the higher operating profit, share of profits from associated companies and gains from the sale of aircraft".

Air Canada load factor down from year ago in October, capacity up

MONTREAL - Air Canada (TSX:AC.B) flights were a bit less full in October compared with a year ago as the airline added capacity faster than passenger traffic grew. The airline reported Tuesday that its load factor slipped to 81.3 per cent last month, down from 82.9 per cent a year ago. Capacity as measured by available seat miles increased 3.2 per cent compared with a year ago, while traffic in revenue passenger miles increased 1.3 per cent.

Third time lucky? Singapore Airlines sets sights on India

By Siva Govindasamy and Anshuman Daga SINGAPORE (Reuters) - Almost 13 years after pulling the plug on its last attempt to enter the Indian market, Singapore Airlines Ltd <SIAL.SI> is taking another stab at the country by again teaming up with the Tata Group as part of a broader strategic shift.

Virgin Australia expects loss of $98 mln for year

Virgin Australia said Monday it was expecting a full-year loss of Aus$95-$110 million (US$84-98 million) due to a range of factors including the tough economic environment and restructuring costs. In updated guidance for the financial year ended June 30, 2013, Virgin said its performance had been hit by the "difficult economic and competitive environment", costs associated with its transformation, and Australia's carbon tax. "As a result of these factors, Virgin Australia expects a statutory loss after tax in the range of $95 million to $110 million," it said in a statement.

Singapore Airlines Q1 net profit up 56 percent

Singapore Airlines (SIA) said Thursday its net profit in the first financial quarter rose 56 percent from the year before, mainly due to one time gains. Net profit of Sg$122 million ($96 million) in the April-June period was driven largely by proceeds from the sale of surplus aircraft and gains after it sold its stake in Virgin Atlantic to Delta Air Lines, SIA said in a statement. Revenue climbed 1.7 percent to Sg$3.84 billion. The Asian carrier received a net gain of Sg$336 million from the sale of its stake in Virgin Atlantic to the US carrier.

Virgin completes purchase of 60% of Tigerair Australia

Virgin on Monday completed the purchase of a 60 percent stake in low-cost rival Tigerair Australia and named its chief executive John Borghetti as chairman of the new business. Australia's competition regulator agreed to the tie-up earlier this year and Virgin, the country's second-largest carrier after Qantas, said all the formalities were now complete. "The acquisition of 60 percent of Tigerair Australia enables Virgin Australia to re-enter the budget travel market segment," Borghetti said.

Australia's Virgin-Tiger tie-up gets green light

Australia's foreign investments regulator on Tuesday approved Virgin's purchase of a 60 percent stake in low-cost rival Tiger Airways, clearing the deal's last major hurdle. Virgin told the Australian Securities Exchange that the Foreign Investment Review Board had green-lighted the acquisition, paving the way for a partnership set to boost its rivalry with major carrier Qantas.
Syndicate content