SIA Group reports decline in net profit for 3rd quarter

The SIA Group reported an operating profit of S$293m in the third quarter of the 2016-17 financial year, S$5m higher compared to the same period last year (+1.7%). Group revenue fell S$97m year-on-year to S$3,844m (-2.5%), mainly attributable to lower passenger flown revenue in a weak-yield environment. The Parent Airline Company saw its flown revenue decline by S$167m, which was partly compensated by growth from Scoot (+S$45m). Cargo and mail revenue improved by S$8m (+1.5%), boosted by stronger freight carriage. The Group reported a net profit of S$177m for the October-December 2016 quarter, a decline of S$98m (-35.6%) from the same period last year.