News
Singapore Airlines announces quarterly results and commits to A380 fleet refurbishment
August 4th 2017
Singapore Airlines Group (SIA Group) has reported an 8.6% year-on-year drop in net profit for the first quarter ended June 30. Read More »
Earnings for the period were S$235 million (U$173 million), a decline of S$22 million year-on-year. The drop was attributed to the absence of a one-off gain recorded by SIA Engineering last year. Nevertheless, SIA Group operating profit grew by S$88 million - or 45.6% - compared with the year ago period.
Looking ahead, SIA said “the outlook for the airline industry remains challenging, as the uncertain global economic climate and geopolitical concerns, coupled with overcapacity in our key markets, continue to dampen yield performance”.
On the product front, SIA plans to refurbish the interiors the 14 A380s it will keep in its fleet including a reduced first class seat count from twelve to six suites.
SIA operates 19 A380s. It will return the first five of the type to their lessors and replace them with five off-factory aircraft due for delivery between October 2017 and May 2018.
