Singapore Airlines' (SIA) net profit for financial year 2013, which wasended on March 31, 2014, fell 5.1 percent to 359.5 million SGD from378.9 million SGD a year ago.
In a statement issued on May 8,the flag carrier attributed net profit decreases to losses by associatedcompanies, mainly budget carrier Tiger Airways, of which it owns 40percent, to a legal suit filed in the United States against itsfreight arm SIA Cargo and to higher fuel costs.
Revenue edged up to 15.24 billion SGD from 15.1 billion SGD a year ago, the statement added.
“The operating environment for the group continues to be challengingwith intense competition in many areas, and economic uncertainty in keymarkets,” SIA said.
SIA, majority-controlled bySingapore state investment arm Temasek Holdings, is facing stiffcompetition from Middle Eastern and Asian carriers, as well as Asia'sgrowing ranks of budget airlines.
The airline currently has a fleet of 103 passenger aircraft and its network flies to 107 destinations in 39 countries.-VNA
In a statement issued on May 8,the flag carrier attributed net profit decreases to losses by associatedcompanies, mainly budget carrier Tiger Airways, of which it owns 40percent, to a legal suit filed in the United States against itsfreight arm SIA Cargo and to higher fuel costs.
Revenue edged up to 15.24 billion SGD from 15.1 billion SGD a year ago, the statement added.
“The operating environment for the group continues to be challengingwith intense competition in many areas, and economic uncertainty in keymarkets,” SIA said.
SIA, majority-controlled bySingapore state investment arm Temasek Holdings, is facing stiffcompetition from Middle Eastern and Asian carriers, as well as Asia'sgrowing ranks of budget airlines.
The airline currently has a fleet of 103 passenger aircraft and its network flies to 107 destinations in 39 countries.-VNA
