SIA Group's profit down 9% for full year 2016-17

The SIA Group reported an operating profit of SD$623m in the 2016-17 financial year, SD$58m or 8.5% lower compared to the same period last year. Fullyear net profit fell by 55.2%, attributable in part to the net loss recorded in the fourth quarter. Group revenue fell SD$370m year-on-year to SD$14,869m (-2.4%). Passenger flown revenue declined SD$382m (-3.2%) despite traffic growth (+2.6%) as yields continued to come under intense pressure. Cargo revenue was also down SD$87m on the back of cargo yield erosion, notwithstanding higher freight carriage.