Singapore Airlines' Third-Quarter Results Weighed Down by Fuel; FVE Maintained at SGD 11 Per Share
No-moat Singapore Airlines reported third-quarter fiscal-year 2018 results that featured solid revenue growth of 7%, but higher fuel cost continued to weigh on the group’s profitability. While passenger yield was flat compared with the same period last year, an 8% increase in traffic drove the sales increase. During the quarter, the company experienced a 22% rise in post-hedging fuel cost, which dragged down the group’s operating profit to SGD 388 million, or a 15% year-over-year decline. Exclud...Singapore Airlines is engaged in the business of passenger air transportation. Co. and its subsidiaries have four reportable operating segments as follows: Airline Operations, which provides passenger air transportation; Engineering Services, which is in the business of providing airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management programme; Cargo Operations, which is involved in air cargo transportation and related activities; as well as Other, which consists of services provided by Co. and its subsidiaries, such as training of pilots, air charters and tour wholesaling.
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