Singapore Airlines incurs 48% fiscal-year profit drop

Singapore Airlines blamed a severe deterioration in operating conditions in its fiscal fourth quarter ended March 31 and losses on fuel hedges for a 48.2% drop in its fiscal full-year net profit to S$1.06 billion ($722.9 million). SIA incurred a pre-tax loss of S$109.7 million in the three months ended March 31 but tax benefits gave it a S$65.1 million net profit for the quarter, down 92% year-on-year. Full-year revenue inched up 0.2% to S$15.99 billion, reflecting the robust first half, but ...