SIA’s net profit soars by 35% to $213.6m

A $91.1m one-time dividend income lifted its earnings.

Singapore’s flag carrier flew through the second quarter with a busted engine, as its otherwise modest growth was offset by losses on disposal of aircraft, spares, and spare engines, as well as tax expenses.

According to a report by OCBC, its group revenue dropped to $3.84b, mainly due to to a 4.6% drop in passenger yield, lower bellyhold, and other incidental revenues.

“2QFY16 total expenditure also declined 1.5% YoY to S$3.72b as fuel costs dropped by a material15.2% to S$1.21b,”

However, OCBC says the fuel savings were partially negated by costs related to premium economy installation, higher aircraft lease rentals as well as higher aircraft maintenance and overhaul costs partially offset the fuel savings.

OCBC also warns of tough times ahead for SIA, bugged by weak passenger yield on persistent overcapacity.

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