Singapore Airlines (SIA) Group saw flown cargo revenue increase by 2.1% in the 2018/19 financial year despite a “softening trade environment” and a lower fourth quarter.
The S$45m increase in overall revenues for the year came as stronger yields (+5.7%) was “more than sufficient” to offset a 3.5% fall in loads carried, measured in tonne-km.
In the fourth quarter, January to March 2019, SIA’s cargo segment saw a $34m contraction, or 6.6%, in revenue.
The final quarter suffered from lower loads, down by 6.8%, which the Asian carrier said was “a reflection of the difficult trade conditions”.
In financial reporting terms, SIA Cargo was re-integrated into the group results from April 2018.
SIA said that its cargo operations will “continue to pursue charter opportunities and deploy capacity to match demand”.
The freighter network covers 19 cities in 13 countries and territories, including Singapore.
In its group outlook, the company stated: “Notwithstanding the current demand picture, ongoing trade disputes and slowing economic growth in key markets pose uncertainty to the operating environment.
“Efforts will be made to capture opportunities and mitigate any arising weaknesses in both cargo and passenger segments.”