Consumerist: Well Done Again Singapore Airlines!

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“They do not need a foreign chief executive officer, or chief operating officer all paid vulgar salaries and in Euros and yet nothing tangible has happened?

They do not have Board of Directors and policymakers politically appointed abusing SIA for personal and family interest and others using their political connections to put their fingers in all kinds of contracts to result in losses, exaggerated and manipulated costs overruns that bleeds an airline of its profits resulting in repeated bailouts!”

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Consumerist: Well Done Again Singapore Airlines!

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I am not surprised that Singapore Airlines full-year net profit more than doubled on higher income from investments and reduced losses from associate companies as fuel expenses fell due to lower oil prices.

That was not all as a refund for a fine paid by the carrier’s cargo arm in the previous financial year also bolstered earnings, but SIA was humble enough to state that the competitive environment remained “challenging” due to weak global economic growth and expanding capacity.

Reports indicate that the group net profit for the year ending March 31 came in at Sg$804.4 million ($587 million), up 118.5% from the year before. Revenue eased 2.2% to Sg$15.23 billion.

Net profit for the 4th quarter soared more than 5 times to Sg$224.7 million from Sg$39.6 million.

All these resulted in dividends from long-term investments being higher by Sg$102 million and its share of losses from associated firms falling by Sg$118 million, while it also received a Sg$117 million refund for a fine paid by SIA Cargo the year before.

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I was rather excited to note that SIA’s group expenditure fell, largely due to a 19% decline in fuel costs as jet fuel prices tumbled, but the savings were partially offset by hedging losses. Fuel accounts for around one third of SIA’s expenditures.

It was a wonderful result when they were contending with a challenging operating environment in key markets, caused in part by weak economic activity and relatively rapid growth in capacity.

It is obvious that SIA is facing tough competition from Middle East carriers in the long-haul premium segment, while budget airlines have taken market share in the economy section for short-haul routes.

But SIA being SIA – with a dedicated and passionate management entrenched in accountability, good governance and with zero tolerance for corruption and corruption filled procurement activities I believe is well positioned to compete in this challenging environment!

They have made strategic corporate moves as well with the entry into its fleet of the long-range, fuel-efficient Airbus A350-900 to open more routes.

SIA also has taken full ownership of budget carrier Tiger Airways while operating a medium- and long-haul no-frills airline called Scoot, allowing it to operate across a range of market segments.

This is all despite the economic slowdown in China and ongoing uncertainty surrounding the global economy!

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They do not need a foreign chief executive officer, or chief operating officer all paid vulgar salaries and in Euros and yet nothing tangible has happened?

What they have is a local!

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They do not have Board of Directors and policymakers politically appointed abusing SIA for personal and family interest and others using their political connections to put their fingers in all kinds of contracts to result in losses, exaggerated and manipulated costs overruns that bleeds an airline of its profits resulting in repeated bailouts!

What they have is a dedicated, accountable, committed BOD!

Well done again SIA!

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