Singapore Airlines 2008 Annual Report Download - page 70
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68
FINANCIAL REVIEW
Performance of Subsidiary Companies (continued)
SIA Engineering Group
2007-08 2006-07 Change
$ million $ million %
Totalrevenue 1,009.6 977.4 + 3.3
Totalexpenditure 906.7 875.4 + 3.6
Operatingprot 102.9 102.0 + 0.9
Protaftertaxation 254.3 241.6 + 5.3
Revenueexceeded$1billionforthersttime,growing$32million(+3.3percent)to$1,010million.LineMaintenance
revenuegrewby8.4percentto$335millionwithanincreaseinthenumberofightshandledatChangiAirport.Airframe
andComponentOverhaulrevenueincreasedby1.9percentto$603millionfromhigherworkload.RevenuefromFleet
ManagementProgramme(“FMP”)declined6.6percentto$71million.Excludingone-offitemslastyear,FMPrevenuegrew6
percentfromhigherbusinessvolume.
Expenditurerose$31million(+3.6percent)to$907millionmainlyduetohigherstaffcosts,whichwasattributabletoan
increaseinstafngintheCompanyandsubsidiarycompaniestosupportfuturegrowthandexpensingofshareoptions.
Theresultingoperatingprotof$103millionwas$1million(+0.9percent)higherthanlastyear.
Associatedandjointventurecompaniescontinuedtheirstrongperformanceasshareofprotsincreasedby$18million
(+13.1percent)to$158million,contributing55.3percenttotheGroup’spre-taxprots.
Protaftertaxationincreasedby$13million(+5.3percent)to$254million,drivenmainlybyhighercontributionfrom
associatedandjointventurecompanies.
Asat31March2008,equityholders’fundsofSIAEngineeringGroupamountedto$1,125million,$128million(+12.9per
cent)higherthanat31March2007.Theincreasewasattributabletoprotforthenancialyearof$254million,partiallyoffset
bydividendpaymentsof$129million.Netassetvaluepershareat104.7centswas10.8centshigher(+11.5percent)thanat
31March2007.
Returnonequityholders’fundsat23.9percent,was0.1percentagepointhigherthanthelastnancialyear.Basicearnings
persharerose3.2percentto23.7cents.
Singapore Airlines Cargo
2007-08 2006-07 Change
$ million $ million %
Totalrevenue 3,322.2 3,288.1 + 1.0
Totalexpenditure 3,190.7 3,320.5 – 3.9
Operatingprot/(loss) 131.5 (32.4) n.m.
Protaftertaxation 115.4 30.6 n.m.
Revenueincreasedby$34million(+1.0percent)duemainlytoyieldimprovement.Expendituredroppedby$130million(-3.9
percent),asaresultofeffectivecostcontrolinitiatives.
Yieldimproved0.8percentwhileunitcostdroppedby4.5percentin2007-08.Cargotrafc(inloadtonnekilometres)dipped
0.5percent,lessthanthecapacityreduction(incapacitytonnekilometres)of0.8percent,resultingina0.2percentagepoint
improvementincargoloadfactorto62.2percent.
Asaresult,SIACargorecordedanoperatingprotof$132millionin2007-08,comparedtoanoperatinglossof$32millionin
thepreviousnancialyear.
Duringtheyear,SIACargosoldtwoofitsB747-400freighters,whichhadbeenleasedouttoitsassociatedcompany,Great
WallAirlines.Asat31March2008,SIACargo’soperatingeetstoodat14B747-400freighters.
Asat31March2008,equityholders’fundsofSIACargowas$2,059million(+8.1percent).