SINGAPORE – Singapore Airlines said its fourth quarter net profit surged 47 percent on-year as its fuel bill declined, but warned of a tough outlook due to stiff competition.
Net profit in the three months to March 31 rose to USD30.05 million from USD20.4 million in the same period a year ago on revenue of USD2.93 billion, up from USD2.74 billion.
For the full year to March, net profit jumped 2.34 percent to USD278.37million from USD272 million. Full-year revenue was USD11.78 billion, up 2.1 percent from USD11.53 billion.
Fourth quarter performance was boosted due to reduced operating expenditure from lower fuel prices, and improved passenger yields that benefited from “stringent inventory control,” the airline said.