SIA profits up 56 per cent to $122m mainly due to gains from sale of aircraft

Singapore Airlines (SIA) has reported profits of $122 million for the three months ending June, a 56 per cent jump from a year ago. This was mainly due to gains from the sale of aircraft and SIA's stake in British Virgin Atlantic which American Delta
Singapore Airlines (SIA) has reported profits of $122 million for the three months ending June, a 56 per cent jump from a year ago. This was mainly due to gains from the sale of aircraft and SIA's stake in British Virgin Atlantic which American Delta Air Lines bought for $336 million. -- FILE PHOTO: REUTERS

Singapore Airlines (SIA) has reported profits of $122 million for the three months ending June, a 56 per cent jump from a year ago. This was mainly due to gains from the sale of aircraft and SIA's stake in British Virgin Atlantic which American Delta Air Lines bought for $336 million.

Group revenue increased 1.7 per cent to $3.8 billion, about the same as the total amount spent during the first quarter.

The parent airline, regional arm SilkAir and SIA Engineering reported a fall in operating profits. SIA Cargo, hit by the global slowdown in the demand for air freight, made a $40 million operating loss.

The future, with an uncertain global economic climate and high fuel prices, remains challenging, the airline said on Thursday. While forward passenger bookings for the next few months are expected to be higher against the same period last year, yields are expected to be weaker as a result of the intense competitive environment, SIA said.