Singapore Airlines 2010 Annual Report Download - page 14
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SINGAPORE AIRLINES
012
The Year in Review
The Singapore Airlines Group achieved a net profit
attributable to equity holders of S$216 million in
the financial year ended 31 March 2010.
In the first half of the financial year, the Airline
was hit by the twin challenges of the global
economic downturn coupled with the outbreak
of Influenza A (H1N1).
Positive signs of a recovery could be seen in the
second half of the financial year, but operating
conditions remained challenging.
The Airline implemented company-wide
measures to reduce operational and staff costs
including the introduction of a shorter work
month scheme for employees, and deferment
of non-essential projects.
Adjustments were also made to network
capacity to better match demand.
Munich was added to the Singapore Airlines
network, but operations to Vancouver via Seoul,
Tokyo via Bangkok, Moscow via Dubai, Pakistan
as well as Nanjing were suspended.
operating review
Travel demand saw an
upswing in the second
half of the financial year,
but operating conditions
remained challenging.
These measures, taken together, enabled
the Group to mitigate the fallout from the
global recession.
The year in review also saw the addition of
four new Airbus A380 destinations – Paris,
Hong Kong, Melbourne and Zurich.
To enable it to focus on its core business, the
Airline divested its shares in Singapore Airport
Terminal Services (SATS) via a dividend in
specie
distribution to shareholders.
The move allowed the Company to concentrate
on its airline and aircraft maintenance, repair
and overhaul businesses, while at the same time
unlock shareholder value by giving shareholders
direct ownership of SATS at no cost.
Despite the difficult business conditions, the
Airline maintained its commitment to product
innovation and service excellence, pushing
through a number of initiatives, including a
cabin renewal programme for selected Boeing
777 aircraft, opening a new service centre at
ION Orchard, and introducing customer-friendly
services such as SIA Mobile and PPS Connect.
The Airline also welcomed one of China’s
leading chefs, Zhu Jun, to its International
Culinary Panel.