Singapore Airlines 2010 Annual Report Download - page 8
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SINGAPORE AIRLINES
006
We were nimble and
flexible, enabling timely
decisions and the quick
implementation of
measures to address the
situation at hand.
It is often said that a person’s true colours show
in times of adversity. The same can be said of
corporations, and I am pleased to report that our
true colours shone brightly through the year in
review, during one of the most difficult periods
the aviation industry has faced. Our employees
and management showed their dedication to the
SIA Group through the downturn, which, coupled
with the loyalty of our customers, helped us come
through the testing period stronger than ever.
My Letter to Shareholders last year focused on
how demand was healthy through the first half
of the 2008-2009 financial year but how it fell in
the second half. For the year just behind us, the
opposite proved the case. The Group posted its
first losses since the SARS outbreak of 2003-2004
in the first half as operating conditions remained
weak. We cautioned that should adverse business
conditions persist, it was likely we could post our
first-ever full-year loss as a public company.
Our shareholders know that SIA is not accustomed
to losing money. The downturn tested us in new
ways, but the difficulties we faced helped reinforce
the strength of our business model. We can
therefore be proud that our unbroken profit record
was maintained, with a full-year group net profit
attributable to equity holders of S$216 million.
How did we manage this, when many other airline
groups recorded losses? We have taken many
actions to counter the severe downturn, and I will
focus on three areas: the dedication of our staff,
marketing strategies and our disciplined focus.
First, the support of our staff and the sacrifices each
employee made were crucial. Measures to cope
with the surplus of personnel arising from capacity
cuts included unpaid leave and shorter work-month
schemes, in addition to salary cuts in accordance
with the terms of our union agreements. Everyone
pulled together, highlighting the tight working
relationship between management and staff. We
were nimble and flexible as a result, enabling
timely decisions and the quick implementation of
measures to address the situation at hand.
chairman’s letter to shareholders