NYTimes.com Article: Singapore Airlines Rebounds After SARS

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Singapore Airlines Rebounds After SARS

July 31, 2004
 By THE ASSOCIATED PRESS





SINGAPORE, July 30 (AP) - Singapore Airlines reported net
profit on Friday of 259 million Singapore dollars ($150
million) in its fiscal first quarter, a rebound from a loss
of 312 million Singapore dollars a year ago at the height
of the outbreak of severe acute respiratory syndrome.

The report comes on the heels of the announcement that the
carrier paid 78 million Singapore dollars ($45 million) to
its 13,000 staff members who received pay cuts last year as
the flu-like illness hit the airline's profitability.

The payout was the amount the staff lost in pay cuts over
the last year in addition to 15 percent of that amount, an
airline spokesman, Stephen Forshaw, said.

When it cut salaries in July last year amid a SARS-induced
travel slump, the airline pledged to pay a lump sum to
workers if profits for the full year to March 31, 2004,
exceeded 600 million Singapore dollars ($346 million). The
airline reported a net profit of 849 million Singapore
dollars ($490 million) for the year.

The first-quarter profit marked a sharp contrast to the
SARS-induced loss in the previous April-to-June period but
is below the 478 million Singapore dollars it earned in the
fourth quarter.

Singapore Airlines said higher fuel prices over fears in
the Middle East added 80 million Singapore dollars ($46
million) to expenses.

http://www.nytimes.com/2004/07/31/business/worldbusiness/31singapore.html?ex=1092294973&ei=1&en=c6ea27a1ce2f790b


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