The Singapore Airlines Group achieved a net profit of $206 million in the first half of the financial year 2019-2020, $10 million (+5.1%) higher than last year.
Revenue rose $418 million (+5.3%), while the operating profit for the Group was $413 million, down $13 million or 3.1% compared to the same period last year.
Expenditure for the Group increased $431 million (+5.8%) to $7,912 million, primarily due to non-fuel expenditure.
Operating profit for the Parent Airline (Singapore Airline) Company rose by $47 million (+11.2%) to $465 million on passenger revenue growth for the first half., however it recorded $233 million for the 2nd Quarter, down from $237 million same period last year.
SIA Group’s SilkAir continues to be adversely affected by the global grounding of the Boeing 737 MAX 8 aircraft, clocking an operating deficit of $19 million for the period. Expenditure was up $10 million, partially attributable to 737 MAX 8 related costs, along with higher net fuel cost.
Total revenue for Scoot improved $7 million, while expenditure rose $74 million (+8.5%), mainly a result of higher depreciation from a larger fleet. As a result, the carrier recorded an operating loss of $77 million, a deterioration of $67 million year-on-year.
SIA Engineering posted an operating profit of $37 million, $16 million higher than last year. Expenditure reduced by $12 million, largely due to lower subcontract and material costs, further contributing to the improvement in operating performance.
The Company is declaring an interim dividend of 8 cents per share