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SIA Cargo H1 loss widens 275pc to US$32.5 million as revenue sinks
SINGAPORE's SIA Cargo saw its operating loss widen 275pc to S$45 million (US$32.5 million) in the first half of the carrier's 2016-17 financial year.
Freight carriage grew 7.3 per cent, outpacing the capacity increase of 5.7 per cent, resulting in an increase in cargo load factor by 0.9 percentage point to 61.6 per cent for the six months ended September 2016.
Revenue, however, declined S$101 million as yield dropped 16.6 per cent, said the company without revealing the actual revenue.
This poor performance was partly mitigated by a reduction in expenditure, which was mainly attributable to lower fuel costs.
In the second quarter of the current financial year, SIA Cargo recorded an S$11 million operating loss, compared with a S$3 million loss in the like three month period ended September of 2015.
The carrier said that the outlook for its cargo business "remains challenging as yields are expected to stay under pressure due to overcapacity in the air cargo industry. Efforts will continue to be focused on higher-yielding product segments to improve the overall traffic mix".
SIA Cargo operated a fleet of nine 747-400 freighters as of September 30.
For more, visit www.shippingazette.com
Freight carriage grew 7.3 per cent, outpacing the capacity increase of 5.7 per cent, resulting in an increase in cargo load factor by 0.9 percentage point to 61.6 per cent for the six months ended September 2016.
Revenue, however, declined S$101 million as yield dropped 16.6 per cent, said the company without revealing the actual revenue.
This poor performance was partly mitigated by a reduction in expenditure, which was mainly attributable to lower fuel costs.
In the second quarter of the current financial year, SIA Cargo recorded an S$11 million operating loss, compared with a S$3 million loss in the like three month period ended September of 2015.
The carrier said that the outlook for its cargo business "remains challenging as yields are expected to stay under pressure due to overcapacity in the air cargo industry. Efforts will continue to be focused on higher-yielding product segments to improve the overall traffic mix".
SIA Cargo operated a fleet of nine 747-400 freighters as of September 30.
For more, visit www.shippingazette.com
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