Singapore Airlines Ltd (SIA) on Thursday reported a nearly 9 percent drop in its operating profit for the year ended March, as weakness in its main passenger travel operation offset a stronger cargo business. Profit reached S$623 million ($447.65 million) for the financial year, S$58 million lower than a year ago.
Its annual net profit more than halved from year-ago levels to S$360 million. Operating profit for the parent airline company fell about 20 percent to S$386 million. But SIA Cargo swung to an operating profit of S$3 million for the year, from a S$50 million loss last year, reflecting a broader improvement in the global air freight market. Data from the International Air Transport Association shows global freight volumes rose by nearly 11 percent year-on-year over the first three months of the current calendar year. Singapore Airlines declared a final dividend of 11 cents per share for the 2016/17 financial year.