Singapore Airlines' staff costs edged up by 8%

But operating costs were slightly unchanged.

According to CIMB, SIA reported core 4Q FY13 profit of S$68m. This was an improvement from the S$30m loss in the same period last year, but was 43% below our forecast for the period.

Surprisingly, the group recorded an operating loss in the quarter. The disappointment stemmed mostly from poor yields, which fell by 4%, 1% and 6% at the mainline, SilkAir and SIA Cargo respectively.

Here's more from CIMB:

Among the three main airline businesses of the group, only SilkAir recorded an operating profit in the period. Non-operating items jumped, but costs were steady.

Although staff costs jumped 8% yoy for the second straight month, total operating costs were little changed as capacity growth was more muted than forecast.

SIA again recorded a surplus on the sale of aircraft and spares, bolstering net profit.