SIA reports 6% jump in third quarter profits to $143m

Earnings at Singapore Airlines (SIA) for the October to December quarter hit $143 million, up 6 per cent from the same third quarter in 2011.

The jump came despite lower operating profits, the airline said on Thursday. Higher income was drawn from non-operating items such as sale of aircraft and spare engines.

Group revenue fell slightly by 0.4 per cent to $3.86 billion while spending increased, also marginally by 0.3 per cent to $3.73 billion. This was due in part to higher staff costs, the airline said.

Except for SIA Cargo which reported an operating loss of $29 million for the three months, all the other units including regional carrier, SilkAir, reported operating profits.

The small jump in third quarter profits was however not enough to lift April to December profits. Earnings for the nine months fell 17 per cent compared to the same period in 2011, to $311 million.