The Singapore Airlines Group managed to almost double operating profits in the final quarter of 2015 as lower fuel prices helped offset weaker yields.
Passenger yield dropped by 4.6% year-on-year despite higher carryings across the group’s four airlines – SIA, Scoot, SilkAir and Tiger Airways.
The overall operating profit was up by 95.9% to S$288 million in the October to December period based on a 3.9% decline in revenue to S$3.9 billion.
SIA contributed the majority of the quarterly profit at S$181 million, against S$87 million in the same period a year earlier.
Scoot moved into the black with a third quarter operating profit of S$18 million, with SilkAir at S$33 million, Tiger Airways at S$9 million, SIA Engineering at S$29 million and SIA Cargo at S$2 million.
SIA saw fuel costs plummet by S$295 million in the three months although passenger revenue was down by S$92 million.
A sixth daily service to Bangkok will be added by SIA from March 27 to meet growth in travel demand.
Frequency to Colombo will rise from seven to ten flights a week and Milan from five to six flights a week during the summer.