Singapore Airlines 2012 Annual Report Download - page 18
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016 SINGAPORE AIRLINES
The Singapore Airlines Group
achieved a net profit attributable to
equity holders of $336 million in the
financial year ended 31 March 2012.
The Year in Review
The Singapore Airlines Group achieved a net profit
attributable to equity holders of $336 million in the financial
year ended 31 March 2012.
The first nine months of the year in review saw the Group
record weaker operating results amidst a climate of
economic uncertainty and weak consumer confidence, with
both passenger and cargo yields coming under pressure.
The Group earned a net profit of $374 million during the
period. The last quarter of the year saw a further decline in
performance in the face of persistently high fuel prices, with
the Group recording a net loss of $38 million.
Fuel prices are expected to remain high going forward, which
will continue to impact the Group’s operating performance.
An intensifying competitive landscape has necessitated
various promotional activities, which have weighed on
yields. Major world events also continue to have an impact
on the Airline’s operations.
Despite the continuing difficulties in the operating
environment, the Airline will maintain a long-term approach
to product and service excellence, by introducing new inflight
offerings and cabin renewal programmes. The Group is
also committed to optimising operating efficiency and
containing costs.
The Airline has embarked on several strategic initiatives
to expand its network and respond more aggressively
to competition. In addition to several new codeshare
agreements, the year in review saw the launch of a
groundbreaking alliance with Virgin Australia, with the aim
of connecting Singapore Airlines’ extensive international
network more seamlessly with Virgin Australia’s wide range
of Australian and Pacific destinations. The Airline also
announced the establishment of Scoot, a wholly owned,
independently operated and separately managed low-fare
airline, to cater to the growing demand among consumers
for low-fare travel.
Operating Review