SIA volumes fall amid global economic uncertainty

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Following a disappointing performance in June, Singapore Airlines (SIA) saw its freight traffic decline during the first quarter of its 2019/20 financial year against a backdrop of weakening global demand.

Cargo and mail carried during April–June amounted to 307,700 tonnes, down 3.3% on the same period of 2018. Traffic as measured in freight tonne-km (FTKs) was down 4.4% year on year to 1,645.4mn.

Capacity rose very slightly, up 0.1% to 2,805.1mn available tonne-km. The resultant load factor declined by 2.7 percentage points over the same quarter of last year, to 58.7%.

The yield dipped by 4.2% year-on-year, and cargo flown revenue declined by 8.4%.

The carrier’s freighter network covers 19 cities, including Singapore.

Overall, the Singapore Airlines Group (which includes Singapore Airlines, SilkAir, Scoot and SIA Engineering) saw its total revenue for April-June rise by 6.7% year on year, to S$4.1bn (USD3bn). The group’s operating profit stood at S$200mn (USD145.3mn), 3.6% higher than the same period last year.

Net profit, however, dropped substantially, falling 20.7% to S$111mn (USD80.7mn) across the group. This was “largely attributable to a higher share of losses from associated companies”, as well as a rise in net finance charges – including additional financing for fleet renewal and growth.

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