Singapore Airlines 2014 Annual Report Download - page 75

073
ANNUAL REPORT FY2013/14
Quarterly Trend of Group Fuel Price
and Fuel Cost (excluding hedging)
1,600 150
1,400
120
1,200
1,000 90
$ Million
USD/BBL
Group Expenditure
Performance of the Group (continued)
Group Earnings (continued)
Group expenditure increased by $116 million (+0.8 per cent) to $14,985 million, primarily from higher rentals on leased aircraft
and ex-fuel variable costs, partly mitigated by a lower fuel bill. Rentals on leased aircraft increased as there were more aircraft
on lease while the increase in ex-fuel variable costs, such as aircraft maintenance and overhaul costs, passenger costs and
handling charges, was largely driven by the capacity expansion during the financial year. Fuel cost fell mainly from lower fuel
prices, partially offset by stronger USD against SGD and higher fuel volume uplifted.
Consequently, the Group’s operating profit improved $30 million to $259 million for the financial year ended 31 March
2014. Except for Singapore Airlines (“the Company”) and Singapore Airlines Cargo (“SIA Cargo”), operating performance for
all the major companies in the Group deteriorated from the preceding year. The Company recorded an operating profit of
$256 million in the financial year, an improvement of $69 million (+36.5 per cent) from a year ago. SIA Cargo narrowed its
operating loss by $67 million year-on-year, largely attributable to its capacity rationalisation effort in response to the continued
weak air freight demand. Please refer to the review of the Company and subsidiary companies for further details.
Fuel Costs
After Hedging
Depreciation and
Lease Rentals
Handling Charges
Staff Costs
Passenger Costs
Others
15.6%
15.0%
19.6%
4.8%
6.9%
38.1%
2013/14
Q4
2012/13
Q1
2012/13
Q2
2012/13
Q3
2012/13
Q4
2013/14
Q1
2013/14
Q2
2013/14
Q3