Singapore Airlines 2011 Annual Report Download - page 17

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ANNUAL REPORT 2010/2011 015
The Year in Review
The Singapore Airlines Group achieved a net profit attributable to equity holders of $1,092 million in the
financial year ended 31 March 2011.
The first half of the year in review saw the Group continue on the track to recovery, both in terms of passenger
carriage as well as in yield. The Group earned a net profit of $633 million. The second half started fairly
brightly, with a net profit of $288 million in the third quarter. However, business conditions became more
challenging, with a sustained upward trend in fuel prices.
Rising fuel costs remain a concern for the Group, with IATA’s jet fuel monitor indicating that the price of jet
fuel at the end of the year in review was 45% higher year on year. Major world events also continue to have
an impact on the Airline’s operations.
Despite the difficult operating environment, the Airline continues to maintain its long-term approach to product
and service excellence, by continuing its cabin renewal programme, and introducing new inflight offerings.
In addition, the Airline has continued to take advantage of opportunities to expand its network. The year
in review saw the addition of new destinations such as Tokyo Haneda and Sao Paulo, the Airline’s first
destination in South America.
OPERATING REVIEW
Despite the difficult operating environment, the Airline continues to
maintain its long-term approach to product and service excellence.