Singapore Airlines (SIA) has reported a S$1.09 billion ($876 million) fiscal full-year net profit, compared with the previous year's S$216 million net profit which was hit by fines against SIA Cargo.
Group revenue for the financial year ending 31 March 2011 increased by 14% to S$14.5 billion, while costs rose 5% to S$13.3 billion.
SIA's operating profit increased to nearly S$1.3 billion from S$63 million a year earlier. This included an S$851 million operating profit at the parent airline company, a S$151 million operating profit at SIA Cargo and a S$121 million operating profit at regional subsidiary SilkAir.
In the fourth quarter, group revenue grew 8% to S$3.6 billion, while operating profit fell 31% to S$166 million.
SIA plans to decommission all seven of its Boeing 747-400s and five Boeing 777s by March 2012 as it takes delivery of eight more Airbus A380s.
"The reduction in fleet size will be more than offset by increased utilisation to produce passenger capacity growth of 6% in available seat kilometres for the 2011-12 financial year," said SIA.