SIA profit dips 8.38% to $235.1m

The airline struggled with increasing operating costs.

Singapore Airlines Group (SIA) did not have a smooth ride for the quarter after its profits dropped 8.38% YoY to $235.1m.

According to a media release, the company failed to gain from SIA Engineering's sale of its 10% stake in Hong Kong Aero Engine Services Ltd (HAESL) and special dividends received from HAESL, which amounted to $178m.

Higher operating profits that jumped by $88m and lower share of losses from associates that rose $47m failed to revert SIA's losses.

One of its main companies, SIA Cargo, had higher revenue thanks to higher freight carriage up by 6.9% and yields up by 4.8%. It also recorded $6m profit compared to last year's loss of $34m.

According to SIA's financial report, revenue grew 5.6% YoY to $3.9b, as a 7.6% hike in traffic outstripped the 3.1% fall in passenger yield.