Singapore Airlines discloses surprise net loss in Q4

Singapore Airlines flights could not put up a good showing in the fourth quarter. The airline recently announced its operational results for Q4 amid despondency.

Singapore Airlines in a statement said that it has suffered a surprise net loss in its fiscal fourth quarter. This unexpected loss was due to increasing fuel prices which pushed the expenses higher. The airline’s earnings were also hurt by a loss on the disposal of its last Boeing 747-400 aircraft.

The airline said that its net losses for the three months ended March 31, 2012 were $29.69 million (S$38.2 million), as compared with a profit of $132.91 million (S$171 million) in 2011.

The airline stated that this was its first loss since the second quarter of its 2009-2010 financial year, and was in contrast with an average $69.17 million (S$89 million) net profit predicted by a Dow Jones Newswires poll of five analysts, none of whom had predicted a loss.

Singapore Airlines reported a 69 percent decline in net profit to $261.17 million (S$336 million) while revenue rose 2 percent to $11.55 billion (S$14.86 billion) for the full year that ended in March.