Company briefs: Singapore Airlines

Singapore Airlines

Singapore Airlines (SIA) carried 1.5 million passengers in June, a dip of 2.6 per cent over the same month last year. The passenger load factor decreased 2.1 percentage points to 77.8 per cent compared with the same period last year.

Apart from East Asia, the passenger load factor declined for all other regions due to weaker passenger demand. SIA said in a statement: "The competitive landscape continues to be challenging and promotional activities will continue in relevant markets."

SIA's passenger carriage dropped 3.8 per cent compared with last year, against a 1.3 per cent decrease in capacity.

SilkAir carried 323,000 passengers in June, down 3.3 per cent over the same month last year. Its passenger load factor dropped 4.2 percentage points to 68.1 per cent.

SIA's overall passenger load factor fell 1 percentage point to 78.1 per cent last month.

Scoot carried 272,000 passengers last month, up 59.1 per cent, while Tigerair carried 420,000 passengers, down 4.3 per cent.

The firm said: "During the month, Tigerair further expanded its footprint in China with the launch of new services to Zhengzhou, bringing its network in mainland China to 10 cities."

SIA shares closed 16 cents higher at $11.15 yesterday.

Avi-Tech Electronics

Avi-Tech Electronics, which provides services and products for the semiconductor industry, has applied for another 12 months to be removed from the Singapore Exchange watchlist.

The firm was placed on the list on Sept 3, 2014, and it had to meet certain requirements within two years of that date, to be removed. That period is referred to as the cure period.

Yesterday, the firm submitted the application to be removed from the list.

Avi-Tech said one of the criteria supporting the application requires the firm to satisfy certain conditions in its most recently completed financial year. However, the firm's recent financial year ended on June 30.

Avi-Tech said although it is "working expeditiously" with its auditors to prepare the full-year consolidated audited accounts for the financial year 2016, the accounts may not be finalised before the cure period expires.

The firm said it has had seven consecutive quarters of net profit, with profit before income tax totalling $9.81 million. It also had cash and fixed deposits of $27.65 million and bank borrowings of $1.14 million, as reported in its third quarter.

A version of this article appeared in the print edition of The Straits Times on July 16, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe