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Singapore Air nearly triples quarterly profit, but faces headwinds

SINGAPORE Airlines' quarterly profit increased 192 per cent year on year to S$189.9 million (US$139 million), drawn on revenues of S$3.85 billion, up five per cent.

Singapore Air is coming off a low in the same period of last year, when net income plunged 70 per cent amid slumping demand, reports Bloomberg.

The group, which includes low-cost carrier Scoot and regional airline SilkAir, is undertaking a company wide review to fend off intensifying competition, from Middle Eastern carriers for top-tier customers to budget airlines for cost-conscious passengers.

Singapore Air said its three-year business transformation is "progressing on track", without elaborating. The revamp may include job cuts and is aimed at better positioning itself against mounting competition, it said earlier.

The company has offered three months of voluntary unpaid leave to cabin crew. The airline had 8,356-cabin crew at the end of March, according to its annual report. 

In May, the carrier said it was merging its cargo unit with the airline by the first half of 2018 to improve efficiency, with most employees retained in the new cargo unit or transferred to other divisions.

The airline's flying newer aircraft such as Airbus SE A350s and has also formed closer ties with other airlines such as Deutsche Lufthansa to gain passengers. 

Singapore Air - the first in the world to put a double bed in its cabins and the first to give free alcohol to economy-class passengers - is also spending $850 million to refit all cabins on its A380s.
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