Singapore Airlines 2004 Annual Report Download - page 66

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64 SIA Annual Report 03/04
Consolidated Profit and Loss Account
For the financial year ended 31 March 2004 (in $ million)
The Group
Notes 2003-04 2002-03
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
REVENUE 4 9,761.9 10,515.0
––––––––––––––––––––––––––––––––
EXPENDITURE
Staff costs 5 1,969.5 2,245.2
Fuel costs 1,811.1 1,864.6
Depreciation 17 1,180.2 1,090.3
Provision for impairment of fixed assets 17 28.0 43.2
Aircraft maintenance and overhaul costs 610.7 780.9
Commission and incentives 590.3 675.5
Landing, parking and overflying charges 515.9 576.1
Handling charges 492.6 521.1
Rentals on leased aircraft 353.3 358.5
Material costs 247.7 312.7
Inflight meals 198.1 218.0
Advertising and sales costs 191.0 208.6
Insurance expenses 133.5 179.0
Company accommodation and utilities 150.8 135.4
Other passenger costs 105.6 130.7
Crew expenses 90.1 98.9
Other operating expenses 413.1 359.2
––––––––––––––––––––––––––––––––
9,081.5 9,797.9
––––––––––––––––––––––––––––––––
OPERATING PROFIT 6 680.4 717.1
Finance charges 7 (65.1) (54.7)
Interest income 8 32.5 33.7
Surplus on disposal of aircraft, spares and spare engines 102.7 144.9
Surplus on disposal of other fixed assets 5.5 1.2
Dividends from long-term investments, gross 3.6 5.2
Provision for diminution in value of long-term investments 22 (1.8) (9.4)
Amortization of goodwill on consolidation 18 (0.1) –
Amortization of deferred gain 1.6 –
Share of profits of joint venture companies 6.4 14.5
Share of profits of associated companies 86.3 123.8
––––––––––––––––––––––––––––––––
PROFIT BEFORE EXCEPTIONAL ITEMS 852.0 976.3
Exceptional items 9 (31.1) 0.5
––––––––––––––––––––––––––––––––
PROFIT BEFORE TAXATION 820.9 976.8
TAXATION 10
Taxation expense (130.3) (135.3)
Adjustment for reduction in Singapore statutory tax rate 204.7 277.8
74.4 142.5
––––––––––––––––––––––––––––––––
PROFIT AFTER TAXATION 895.3 1,119.3
Minority interests (46.0) (54.5)
––––––––––––––––––––––––––––––––
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 849.3 1,064.8
––––––––––––––––––––––––––––––––
BASIC EARNINGS PER SHARE (CENTS) 11 69.7 87.4
DILUTED EARNINGS PER SHARE (CENTS) 11 69.7 87.4
The notes on pages 70 to 107 form an integral part of these financial statements.