The SIA Group has achieved a net profit of SG$206 million in the first half of the financial year, SG$10 million (+5.1%) higher than last year. Revenue rose SG$418 million (+5.3%), primarily from strong growth in passenger flown-revenue, partially offset by a reduction in cargo-flown revenue, while higher expenditure (+SG$431 million or 5.8%) reflected enlarged operations.
Accordingly, operating profit for the Group was SG$413 million, down SG$13 million or 3.1% compared to the same period last year. The Group recorded a reduction in share of losses from associated companies (+SG$36 million), mostly from Virgin Australia, and a higher share of profits from joint venture companies (+SG$19 million). These were offset by increased net finance charges (-SG$54 million) due to the recognition of interest expense arising from lease liabilities following the adoption of IFRS 16 Leases and additional financing for fleet renewal and expansion. (US$1.00 = SG$1.36 at time of publication.)
