It sounds all too familiar when Singapore Airlines (SIA) reported yet another disappointing quarterly results blaming on high fuel prices, stiff competition and an anaemic global economic recovery for its lacklustre financial performance, which managed to increase its FY2013/14 first-quarter net profit by 56% year-over-year to S$121.8 million (US$96.7 million) only through a S$336 million gain in the sale of its 49% stake in Virgin Atlantic to US’s Delta Air Lines.
Stripping out the stake sale, Singapore Airlines would have recorded a S$183.5 million loss before tax and a S$214.2 million after-tax loss, representing a 258% and 375% deterioration over the S$152.5 million profit before tax (PBT) and S$121.8 million net profit recorded in the prior year quarter, respectively.
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