An airline that has announced profits, puts off 15 to 20 % of it's crews.
Something wrong somewhere.
Transcript - Singapore Airlines Financial Results Briefing
Full-Year Ended 31 March 2009
Mr Kong: Final question from me. Could you provide some colour on, in the fourth quarter the associate losses of $106 million?
Mr Chan: Yes, in the fourth quarter the share of losses of the associated companies is about a hundred over million dollars. That’s largely coming out of our investment in Virgin Atlantic. As you know Virgin Atlantic is a company that is incorporated in the UK. So as a result the financial statements are actually prepared under UK GAAP because they are a private company. So they actually do not apply international FRSs. So we had to make some adjustments in relation to their hedges and because they do use proxy hedges there are some adjustments for ineffectiveness of hedge. So that’s one of the main reasons for the weaker performance. But if you look at the full year you would notice that the share of associates is actually quite flat. So it’s really share of profits in the early part of the year returning back in the fourth quarter. For the full year it’s about flat.
Mr Chew: I should emphasise that point that if you, what Hon Chew said about Virgin Atlantic, in the first half the share of profits from associates, a big part of it was attributable to Virgin Atlantic as well. So it was, to blame Virgin Atlantic for the second half’s dip in associated companies’ profits would not give you the complete picture.In fact, if we take the two halves then Virgin Atlantic contributed $0.4 million.