Singapore Airlines reports 71.6 per cent jump in annual profit

Singapore: Singapore Airlines Ltd. said Friday its fiscal year profit jumped 71.6 per cent to $1.38 billion on the back of a strong performance by the parent airline and one-time gains.

In a statement the airline said that net profit for the year through March rose to S$2.1 billion ($1.38 billion), while total revenue rose 8.6 per cent to S$14.5 billion ($9.5 billion) for the year.

Fuel costs totaled S$4.5 billion ($2.96 billion), it said.

The statement also said that the airline carried a record 18.346 million passengers in the last financial year, up 7.9 per cent, thanks to a "healthy" demand for air travel.

"The key challenges being faced this year are limited capacity growth arising from delays in the delivery of the Airbus A380, high price of aviation fuel and uncertainty over the continued strength of the US economy and its implications globally," the statement said.

Singapore Airlines is due to become the launch customer for the A380, the world's largest  passenger plane. Production of the 555-seater has been delayed because of several technical problems, with first delivery of the aircraft now planned for October.