AVIATION

SIA half year profit tops S $ 633 million

The SIA Group earned a net profit of S $ 633 million for the first half of the 2010-11 financial year, a turnaround from the $ 466 million loss in the same period a year ago.

Group revenue improved 19 percent (+ S $ 1,143 million) to S $ 7,097 million, on the continued recovery in load factors and yields.

A SIA aircraft

Group expenditure at S $ 6,501 million rose by less than 1 percent (+ S $46 million) year-on-year. Expenditure on fuel was higher by S $ 423 million as jet fuel prices increased 27 percent over the same period last year.

This was partially offset by a reduction of S $ 368 million in fuel hedging losses ($118 million this year versus S $ 486 million last year).

Consequently, Group operating profit for the April-September period was S $ 596 million, a turnaround from the S $ 501 million operating loss last year.

The Parent Airline Company earned an operating profit of S $ 380 million in the first six months of the financial year, against an operating loss of S $ 428 million last year.

All the main companies in the Group were profitable, with improved operating performances.

The Group net profit for the July to September quarter was $380 million, in contrast to the S $ 159 million loss in the same period the previous year.

Group revenue at S $ 3,631 million was up 18 percent (+ S $ 549 million) as load factors and yields continued to improve.

Group expenditure was almost unchanged (+ S $ 22 million) as smaller losses on fuel hedging (S $ 40 million this year versus $200 million last year) offset increase in expenditure in other areas.

As a result, Group operating profit for the second quarter was S $ 345 million, against an operating loss of S $ 182 million in the same three months of last year.

Cathay launches special packages for CXHKIR

Cathay Pacific Hong Kong International Races

Cathay Pacific Airways introduces special packages to revel in the energy and excitement of the Cathay Pacific Hong Kong International Races (CXHKIR) to be held in December 2010.

The Cathay Pacific Hong Kong International Races, which will take place at the Sha Tin Racecourse on December 12, is a landmark event in the world's racing calendar.

Cathay Pacific Airways has designed special packages for visitors to make the most of their trip to Hong Kong.

Packages range from Bronze to Platinum while the basic package includes return air ticket and the admission ticket to Cathay Pacific Hong Kong International races on the 12th. Visitors can book their tickets before November 26 and must complete travel on or before December 20.

Cathay Pacific Airways is represented in Sri Lanka by Finlays Colombo PLC as general sales agent.