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Sia seeks tie-ups in india, china as profits flounder by wwy yrj
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Sia seeks tie-ups in india, china as profits flounder by WWY YRJ
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| Article Posted: 11/05/2012 |
| Article Views: 212 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
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Sia seeks tie-ups in india, china as profits flounder |
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Business,Business News,Business Opportunities
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Singapore Airlines (SIA) said Thursday it is exploring partnershipsin India and China as it looks to guard against increasedcompetition and global economic uncertainty. "There is always a constant look at how we can be nimble inresponse to changes in the market," chief executive Goh Choon Phongtold reporters a day after the group announced sharply lowerprofits for the fiscal year to March. SIA's profit slumped 69 percent year on year to Sg$336 million. The Singapore flag-carrier -- often seen as a bellwether for theairline industry -- also recorded a net loss of Sg$38.2 million inthe fourth quarter, only the third quarterly loss in its history. "Specifically for China and India we continue to be working closelywith the airlines there, especially those that are in the samealliance," the SIA chief executive said.
"The discussions are always ongoing on how we can deepencooperation. When and at what point we can make any announcementsabout changes in the way we work with them, we will announce themwhen it is ready," Goh added. SIA, a member of the Star Alliance along with Air China, last yearannounced a long-term partnership with Virgin Australia aimed atboosting the carriers' global reach by sharing flights andcoordinating schedules. Members of their respective frequent flyer programmes are also ableto earn and redeem miles on each other's flights. Goh said it was too early to tell if tie-ups in India and Chinawould be as extensive as that with Virgin Australia.
"No single partnership is going to be the same as another... Itwill depend on the synergies between the two carriers," he said. Goh said SIA, which is about to launch its own fully-owned budgetairline Scoot, was unfazed by the growth in low-cost carriers inSoutheast Asia. An expanding middle class and robust economic growth have fuelled alow-cost air travel boom in the region, with players like AirAsia,Qantas offshoot Jetstar and Indonesia's Lionair all looking toexpand. "We see it as an additional engine of growth rather thancompetition.
The impact of low-cost carriers on SIA itself, franklywe don't see that much impact," the SIA boss told AFP after thebriefing. Despite the imminent launch of flights to Sydney and Gold Coast byScoot in June, Goh said advanced bookings for SIA's flights toAustralia have not been affected. Apart from Scoot, SIA also has a 32.84 percent stake in budgetcarrier Tiger Airways. I am Chemical Reagent writer, reports some information about diy patio covers , patio cover design.
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