SIA workers to get four-month bonus after flying to record profits

 
  Agence France Presse
May 12, 2005
SINGAPORE



SINGAPORE Airlines (SIA) will reward its staff with a four-month bonus after it recorded a record net profit of S$1.39 billion (US$848 million) in the year to March, a spokesman said Thursday, May 12.

Media reports said this means a first officer with the airline could earn at least $20,000 dollars in bonuses, while a check-in counter officer with SIA's unit, Singapore Airport Terminal Services (SATS) could get $7000.

"I speak for most pilots when I say that we are happy and expect to enjoy the spoils of success," the Straits Times quoted Air Line Pilots Association Singapore union president Mok Hin Choon as saying.

The secretary-general of SATS workers' union, Victor Pang, said the bonus reflected the efforts put in by employees in what has been a difficult period for the industry.

"The bonus didn't come just like that," Pang said in the report.

"We have been working hard and the board knows how to reciprocate."

AFP was unable to immediately contact the union officials although an SIA spokesman confirmed the four-month bonus packages.

On Wednesday, SIA announced profits grew 63.6 percent to $1.39 billion in the year to March as travel demand rebounded sharply from the impact of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2003.

Revenues rose 23.1 percent to $12 billion, the highest ever for the company, while expenditures climbed only 17.3 percent due to effective cost controls.

It carried 20 percent more passengers as capacity expanded 18.6 percent. As a result, it filled 74.1 percent of available seats, up 0.8 points.

The airline also carried more cargo, up 8.6 percent, but the cargo load factor fell 3.0 points to 63.5 percent because capacity increased at a faster pace of 13.7 percent.

"Everyone across the group has worked very hard throughout the year to deliver this outstanding result," SIA chief executive Chew Choon Seng said. "I want to thank them for making it a record year."

SIA announced a dividend of 30 cents per share to be paid on August 15, on top of a 10-cent dividend paid in November last year.


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