Singapore Airlines' net profit more than doubles to $804m in FY16

Lower fuel costs made up for weaker yields.

Low oil prices provided a tailwind for Singapore Airlines in 2016. The flag carrier reported a full-year net profit of $804 million, an increase of 118.5% compared to its net profit of $368 million in the preceding year.

SIA's fuel costs dropped by $973 million in FY16. However, passenger yields hit a five-year low with a 5.4% contraction over the year. SIA was also impacted by higher staff and aircraft maintenance and overhaul costs.

For the fourth quarter, the group's net profit stood at $224 million, an improvement of $184 million against the same period last year.

In addition to SIA's improved operating profit, SIA Cargo received a refund of $117 million for a fine paid in a prior year.

SIA has declared a final dividend of 35 cents per share for FY16.