On the back of a strong recovery, net profit attributable to shareholders for the year ended 31 March 2004 was $849 million, 20.2% less (-$216 million) than the year before….
On the back of a strong recovery, net profit attributable to shareholders for the year ended 31 March 2004 was $849 million, 20.2% less (-$216 million) than the year before. The earnings for the year include positive contributions from two factors. A cut in the corporate tax rate for Singapore from 22% to 20% from Year of Assessment 2005 resulted in a write-back of $205 million in prior years’ deferred tax liabilities. At the operating level, strength of major revenue generating currencies, particularly the British pound, Euro, Japanese yen, and Australian dollar, against the Singapore dollar provided a net gain of $268 million to the operating profit of the SIA Group.
The Group registered strong recovery following the first quarter loss of $312 million inflicted by the Severe Acute Respiratory Syndrome (SARS), turning in a net profit of $1,161 million for the nine months of July 2003 to March 2004.
Group operating profit of $680 million was 5.1% less (-$37 million) than a year ago. Revenue was 7.2% lower (-$753 million) at $9,762 million primarily because of a bad first quarter. There was a 7.3% reduction (-$716 million) in expenditure, from lower staff costs (-$276 million), aircraft maintenance and overhaul costs (-$170 million), commission and incentives (-$85 million), material costs (-$65 million), airport and overflying charges (-$60 million), and fuel costs (-$54 million).
Although staff costs were lower than in the preceding year, the accounts have provided for staff to receive a one-off lump sum payment to make up for the wage cut taken in 2003, plus 15%, and a bonus of 2.05 months of basic salary, in accordance with the agreement on profit sharing bonus.
The Company produced an operating profit of $150 million, accounting for 22.1% of the operating profit of the SIA Group. The three major subsidiaries, namely the SIA Engineering Company (SIAEC) group, the Singapore Airport Terminal Services (SATS) group and Singapore Airlines Cargo (SIA Cargo) contributed 11.6%, 28.0% and 29.6% respectively to the Group’s operating profit.
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