(Source: www.businesstimes.com.sg)

Singapore Airlines (SIA) is re-integrating SIA Cargo, which is currently a wholly-owned subsidiary, as a division within the airline group to improve efficiency, the carrier announced on Friday before the market opened.

SINGAPORE Airlines (SIA) is re-integrating SIA Cargo, which is currently a wholly-owned subsidiary, as a division within the airline group to improve efficiency, the carrier announced on Friday before the market opened.

The re-integration is expected to be completed in the first half of 2018, after which it will be reported as the “cargo division” of the group.

SIA Cargo was a major drag in SIA’s fourth-quarter net loss of S$138.3 million. SIA had to make a S$132 million provision for SIA Cargo related to a competition law case in the European Union.

The unit had a narrower operating loss of S$5 million during the quarter.

SIA Cargo was a division of SIA until July 1, 2001. The division was growing its fleet to up to 17 Boeing 747-400Fs, and it was decided to turn it into a standalone airline to carry out the expansion.

sentifi.com

Market voices on:

More Info: www.businesstimes.com.sg

Advertisements