A Singapore Airlines plane (Source: Reuters)Singapore (VNA) – Singapore Airlines posted its highest annual revenuein 2018 fiscal year, though higher fuel costs nearly halved its profit.
The carrier’s revenue increased by 3.3 percent to 16.3 billion SGD (12billion USD) for the year which ended on March 31, as the number of passengersit carried jumped 7.2 percent.
Meanwhile, its net profit decreased 47.5 percent to 682.7 million SGDfrom 1.3 billion SGD a year earlier.
The fall was attributed to a rise in fuel prices. Fuel expenditureclimbed 17.6 percent, or 688 million SGD, as jet fuel prices rose by an average21.6 percent during the year, the airline said.
Some of the expenses stemmed from overhauling the fleet of its regionalwing SilkAir, which is changing from Airbus to Boeing aircraft, as well asrestructuring costs as it prepares to merge SilkAir into the parent airline.
The airline said the suspension of flights involving Boeing 737 MAX 8planes operated by SilkAir, and issues with Rolls-Royce engines that power its787 Dreamliner fleet, had hit passenger capacity.
SilkAir grounded its 737 MAX 8 planes in March after an EthiopianAirlines plane crashed, killing all 157 on board. It was the second fatalaccident for the MAX 8 passenger jet in six months, after a crash inIndonesia.-VNA
VNA
