Profits Down for Singapore Airlines

According to Singapore Airlines’ financial report for its 2019 fiscal year ending on March 31, 2019, the company’s net profit fell to about $496 million USD. This amounts to a 47.5% drop from the previous year. At the same time, the operator’s revenue grew 3.3% to about $11.8 billion USD.

Though Singapore Airlines and SilkAir posted profits in the 2019 fiscal year, Scoot ended with an operating loss of nearly $11 million USD. The airline group’s low-cost brand struggled to cope with the lagging Chinese market.

For Singapore Airlines and its subsidiaries, several factors will likely hamper its performance throughout the rest of the 2019 calendar year: global trade tensions, rising oil prices, and weakening demand for international travel in the Chinese market.

Source: Australian Aviation