Singapore Airlines' Q1 net profit soars 56% to $121.8 million, mainly due to one-off gains
Singapore Airlines (SIA) has made a solid but unspectacular start for the first quarter, with a 56.2 per cent rise in net profit to $121. 8 million.
Revenue for the three months ended June 30 was up 1.7 per cent at $3.84 billion.
The sharp improvement in profit was mainly due to gains from the sale of aircraft and exceptional items, including a net gain of $336 million from the sale of the company's stake in Virgin Atlantic Limited to Delta Air Lines.
On the other hand, a restructuring impairment cost of $293 million was booked on four surplus SIA Cargo freighter aircraft that have been removed from the operating fleet and marked for sale.