SIA's net profit soared by a staggering 162% to $91.2m in Q1

Thanks to lower fuel costs, better Tigerair performance.

Singapore's flag carrier reported that its net profit soared by a staggering 162% to $91.2m in the first quarter, boosted by lower fuel costs and better performance from Tigerair.

The group's fuel costs fell to $1.25b during the quarter, compared to $1.37b in the same period last year.

Tiger Airways, which became a subsidiary of the Group in October 2014, finally broke even in Q1 after several quarters of losses.

The flag carrier also enjoyed $110m in compensation from Airbus in exchange for agreeing to give up seven slots out of its 70-strong A350 order.

Among SIA's divisions, Scoot and SIA Cargo recorded operating losses of $20m and $9m, respectively. The parent airline's operating profit hit $108m, while SilkAir's operating profit more than doubled to $5m. SIA Engineering's operating profit was flat at $21m.

The group reported a basic earnings per share of 7.8 Singapore cents for the quarter.

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