Singapore Airlines (Singapore) reported on its financial performance for the past 12 months, its fiscal year. The group reported its operating profit declined by 77 percent to $228.8 million (US). The group issued this report (all amounts below in Singapore dollars):

GROUP FINANCIAL PERFORMANCE

Financial Year 2011-12

High fuel prices and an uncertain global economy weighed heavily on the Group’s earnings in the 2011-12 financial year, pushing net profit down by $756 million or 69% to $336 million.

Against these challenges, Group revenue grew by $333 million (+2%) to $14,858 million, on the back of a 3.6% improvement in passenger carriage, partially offset by weaker yields.

Expenditure, however, rose at a faster pace. Jet fuel prices remained high throughout the year, resulting in a 32% spike year-on-year in average jet fuel prices to USD133 per barrel. This translated to a 29% (+$1,314 million) increase in fuel cost before hedging, which contributed to the 10% (+$1,318 million) rise in Group expenditure.