Singapore Airlines Ltd., Southeast Asia’s biggest carrier, boosted first-quarter profit 56 percent, helped by gains from the sale of its stake in Virgin Atlantic Airways Ltd. to Delta Air Lines Inc.
Net income rose to S$121.8 million ($96 million) in the three months ended in June, from S$78 million a year earlier, Singapore Air said in a statement yesterday. Operating profit rose 14 percent to S$82 million while revenue increased 1.7 percent to S$3.84 billion.
Chief Executive Officer Goh Choon Phong ordered aircraft worth $17 billion from Airbus SAS and Boeing Co. in May as discount carriers and Middle East airlines expand in the region. Singapore Air, which revamped its first- and business-class offerings and started a budget unit to lure travelers, faces increasing competition as more low-cost operators enter the market, said Andrew Orchard, a CIMB Group Holdings Bhd. analyst.