Monday, 22 October, 2018

Singapore Airlines to re-integrate SIA Cargo division

Singapore Airlines to re-integrate SIA Cargo division Singapore Airlines to re-integrate SIA Cargo division
Laurie Berry | 19 May, 2017, 06:19

It said in a statement that a "wide-ranging review" of the company's network, fleet, products, services, organisational structure, and processes is underway to better position the airline for the future.

SIA also announced that it will dump four of its 19 Airbus 380 superjumbos, amid airlines' growing concerns over the aircraft's engine performance and maintenance needs. But it will collect three new A-380s during this financial year, a step that will take its total fleet to 109 aircraft - three more than in the last financial year - by March 31, 2018.

The move comes after SIA on Thursday reported a net loss of S$138 million for its fourth quarter, with earnings dragged down by a S$132 million provision for SIA Cargo over a competition law case in Europe.

Passenger yield at Singapore Air, or the money earned from carrying a passenger for one kilometer, fell to 10.1 Singapore cents, hovering around the lowest level in six years.

"Intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields", the company said in a statement.

Group revenue came in at $14.9 billion for the full year, down 2.4 per cent from a year earlier, partly because of lower passenger turnover from the parent premium airline and lower cargo revenue.

Reema Lagoo, who played mother to top Bollywood actors, dies
She once told me that my rawness is my strength and I should not try to act as if I know it all. "It's too early for her to go". You somehow don't think some people would ever leave and they do. "She was always attractive and always smiling", added Rajiv.

Shares of SIA - the only Asian airline to have flown the Concorde and the first in the world to fly the A380 superjumbo - have risen 11 per cent this year, lagging behind the 15 per cent gains for the Bloomberg Asia Pacific Airlines Index.

Despite the smaller freighter fleet, SIA Cargo's overall capacity, including that from passenger aircraft, still grew 4-5% in each of the past two financial years.

"That's the biggest challenge facing management right now", he said.

Despite the loss, many strategic initiatives implemented to address structural changes in the industry are now showing positive results, the airline said.

"There will be no change to SIA Cargo's operations", the airline said. SIA, which is under pressure from regional discount carriers and Middle-Eastern rivals, said in February that 2017 will be a challenging year as passenger and cargo yields - a key measure of profitability - remain under stress.

Shares of Singapore Air fell as much as 6 per cent, the biggest intraday drop since August 2011, in the city state to S$10.11.

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