Singapore Airlines 2010 Annual Report Download - page 55

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ANNUAL REPORT 2009/10
53
Performance of the Group (continued)
Group Earnings (continued)
Group expenditure decreased $2,449 million (-16.2 per cent) to $12,644 million. The year-on-year drop was largely on
account of lower jet fuel prices, staff cost and other variable cost savings from capacity reductions.
Consequently, the Group posted an operating profit of $63 million in 2009-10, a decrease of $840 million (-93.0 per cent)
over last year. SIA Engineering Group and SilkAir were profitable at the operating level, with SilkAir registering higher
year-on-year profits. In contrast, Singapore Airlines and Singapore Airlines Cargo reported full year operating losses, as the
passenger and cargo businesses were severely affected by the economic downturn, especially in the first half. Please refer
to the review of the Company and subsidiary companies for further details.