SIA Half full or half empty?
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Looks like it is always good to read from various sources. From littlespeck:
SIA
Half full or half empty
ST proves there are different ways to present a story. By Seah Chiang New.
Feb 4, 2006
Singapore Airlines has just announced its latest quarter result, and the foreign media covers it as follows: -
Bloomberg
Singapore Airlines' 3rd-Qtr Profit Falls 15% on Fuel
Singapore Airlines Ltd., the world's second-largest carrier by market value, said profit fell for a fourth straight quarter because of an increase in fuel prices.
Net income dropped 15 percent to S$397 million ($243 million), or 32.5 cents a share, in the third quarter ended Dec 31, from a restated S$465 million, or 38.1 cents a share, a year earlier, Singapore Airlines said todayÂ…
Chief Executive Chew Choon Seng, whose term has been extended for three more years, raised surcharges and hedged the airline's oil needs to protect it from a 25 percent rise in the price of jet fuel, its single-biggest expense.
The carrier, which has been cutting costs, faces competition by Emirates, Qantas Airways Ltd. and budget airlines including AirAsia Bhd.
Dow Jones
Singapore Airlines Ltd Thursday said high fuel costs offset rising revenue for a 14.6% decline in net profit for the fiscal third quarter.
SIA, the world's second biggest airline by market capitalisation after US discount carrier Southwest Airlines, recorded net profit of S$396.6 million for the three months ended Dec 31, compared with S$464.6 million a year earlier.
Revenue rose 11.1% to S$3.56 billion from S$3.2 billion a year earlier, on strong passenger traffic during the year-end holiday period.
But increases in expenditure, due mostly to a sharp rise in jet fuel prices, outpaced revenue growth. Expenditure in the third quarter grew 14.1% to S$3.18 billion from S$2.79 billion a year earlier.
But the Strait Times angles it quite differently: -
Feb 3, 2006
SIA soars on the back of record 4 billion passengers
Quarterly results beat expectations, despite sky-high jet fuel prices
SINGAPORE Airlines (SIA) has soared above market expectations with its latest quarterly profit results.
The airline also carried a record number of 4.36 billion passengers and posted its highest ever turnover for any quarter in the three months to Dec 31 last year, its financial third quarter.
This strong showing by one of Singapore's most important blue chip companies came despite jet fuel prices hitting sky-high levels.
Then finally on the 5th paragraph, the crux emerges...
“These fuel prices dramatically increased SIA's costs, dragging net profits down by 14.6 per cent to $397 million compared to the same period a year earlier, its fourth straight quarterly fall.”
The contrast between the foreign and local coverage is quite stark. What are holders of SIA shares to make of it? Are the results are good or bad.
Is the paper trying to paper the quarter profit decline behind a “RA..RA..” angle? Sure looks that way!
Nothing wrong in the ST report, but it has to be careful not to come across as a newspaper that reports only the good and avoids – or plays down – the bad.
ItÂ’s important for the media to hold or regain credibility of its readers, without which it cannot help sweeten the ground for the government.
About the time another Straits Times headline proclaimed, “Jobless rate down to 2.5% - the lowest in four year.”
If readers believe this, then well and good, if not, theyÂ’ll start looking for Bloomberg and Dow Jones versions to find out what they may have missed. -
Business times gave both sides of the story, indicating thier profits surprised skeptics but fell 15% compared to the last quarter.
In addition, SIA renewed the contract of their CEO Chew Choon Seng for another 3 years. -
Straits TimeÂ’s reports are the most objective of all! Their Principles of objectivity, integrity and fearless reporting win them accolades of award all over the world. I am a big fan of Chua Mui Hong and Sumiko Tan!Originally posted by lotus999:But the Strait Times angles it quite differently: -
Feb 3, 2006
SIA soars on the back of record 4 billion passengers
Quarterly results beat expectations, despite sky-high jet fuel prices
SINGAPORE Airlines (SIA) has soared above market expectations with its latest quarterly profit results.
The airline also carried a record number of 4.36 billion passengers and posted its highest ever turnover for any quarter in the three months to Dec 31 last year, its financial third quarter.
This strong showing by one of Singapore's most important blue chip companies came despite jet fuel prices hitting sky-high levels.
Then finally on the 5th paragraph, the crux emerges...
“These fuel prices dramatically increased SIA's costs, dragging net profits down by 14.6 per cent to $397 million compared to the same period a year earlier, its fourth straight quarterly fall.” -
Unemployment rate decreased because of the new methodology of calculating.
Apparently foreign workers were added to the base of those "employed" leading to a bigger denominator in the formula for calculating the unemployment rate. -
I still think Susan Long is better. Look at the way she did the NKF story.Originally posted by Calvin86:Straits TimeÂ’s reports are the most objective of all! Their Principles of objectivity, integrity and fearless reporting win them accolades of award all over the world. I am a big fan of Chua Mui Hong and Sumiko Tan! -
Yes Susan Long did a huge favour to the public and put her job at stake to expose NKF. If she were to run for parliament i would give her my vote.Originally posted by iveco:I still think Susan Long is better. Look at the way she did the NKF story.
But the subsequent reports about NKF were half truths.
Did you know that the 10 cent out of every dollar goes to the patient is based on Financial year 2003?
If they used Financial 2004 the actual figure is 3 cents per dollar.
If you dont believe can go
http://www.nkfs.org/download/The_NKF_Financial_Statements.pdf
or ask your PAP MP. Is it 10 cents per dollar or 3 cents per dollar. So much for independent report. -
i know ST does selective reporting, but I never know that they are good with creative reporting too
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On which page?Originally posted by Calvin86:If they used Financial 2004 the actual figure is 3 cents per dollar.
If you dont believe can go
http://www.nkfs.org/download/The_NKF_Financial_Statements.pdf
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Sumiko Tan sucks!
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People can always visit SGX.com for announcements on SIA if they feel what is reported in ST is half right.
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Actually she writes pretty well. Sometimes cryptic but her sarcasm is candid and obvious.Originally posted by Salman:Sumiko Tan sucks! -
Its not her style of writing but her topics. I think she just writes to get attention, to sell paper, macam tabloid approach. Her equivalent on TV would be Diana Ser.
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you gotta know where to get the figures... Tonight when i am free i write in nice nice table for you.Originally posted by SnowFlag:On which page? -
It's their job to write articles. Whether people like them is subjective. And certainly editors publish articles that make GOOD reading and not based on whether the stories are GOOD at all.Originally posted by Salman:Its not her style of writing but her topics. I think she just writes to get attention, to sell paper, macam tabloid approach. Her equivalent on TV would be Diana Ser.
And Diana Ser is canny enough to develop controversial topics on CNA and host them, perking the interest of the viewer.
Due credit where its deserved. -
Originally posted by Salman:Sumiko Tan sucks!
You write with such authority, yet the 'no brainer, one-liner' still reflect the self-delusion affected largely by the 'no brainer'. .Originally posted by Salman:Its not her style of writing but her topics. I think she just writes to get attention, to sell paper, macam tabloid approach. Her equivalent on TV would be Diana Ser.
Are you not envious of some serious competition from stronger supporter of the Singapore Government a.k.a the Ruling Political Party, than the limited credit that come your way ? .
If you think "she just writes to get attention, to sell paper, macam tabloid approach" - at least she serves a purpose to SPH, and has been able to 'pull the wool' over the eyes of less critical Singaporeans. .
While others have been able to post their thoughts in the limited space of this sgForums - that are equal in quality and standard to that of Sumiko Tan, what have you acheived with your 'no brainer, one-liners' in this forum ? .
Sumko Tan sucks ? .
If you believe she - or her equivalent Diana Ser at CNA - will perform it for you, you are totally deluded. .
Still taking an extended coffee break from the thread "Petroleum Companies Make Runaway Profits" ? .
Perhaps too much 'black crude' got your limited brain busted ? . -
huh?
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The "no brainer" got floored ?Originally posted by Salman:huh?
Leaving out the usual "one liner" - with only a "no brainer, one phrase" ? -
Only can say that the reporting is kind of funny. Says passengers increase but profits decrease.
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have you heard of competition?
heard of budget airlines before? Air Asia? Tiger? Jetair? -
Yes. But is there to go such a big round to say profits falled?Originally posted by Salman:have you heard of competition?
heard of budget airlines before? Air Asia? Tiger? Jetair? -
Did they not tell you that profits falled? Did you read the article?
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Surprisingly, despite these Budget Airlines charging a fraction of the fare charged by SIA, they remained quite profitable - AirAsia, Tiger Airlines, Jet Air.Originally posted by Salman:have you heard of competition?
heard of budget airlines before? Air Asia? Tiger? Jetair?
Some of these companies have taken long term financing to add newer and bigger aircrafts to their present fleet. .
Have you missed the heart of this thread in your eagerness at being so defensive to the interest of the Singapore Government a.k.a the Ruling Political Party ? .Originally posted by Salman:Did they not tell you that profits falled? Did you read the article?
To clarify the issue for a "no brainer" - it is the attempt of the Government to paint an "artificial rainbow picture before bringing out the rain". .
Disguising the bad news amidst the hoopla of good news, and soften the impact of the bad news.
Stupendous intelligence . . -
http://www.nkfs.org/download/The_NKF_Financial_Statements.pdfOriginally posted by SnowFlag:On which page?
Financial Year 2003
Go page 14 > Voluntary Income = 68.2 million
Money paid by Kidney patients aka Charitable income = 22.2 million
Cost of dialysis (pg 17) = 28.8
Net subsidy = 28.8 – 22.2 = 6.6 million
Amount went to patients
6.6/ 68.2 = 0.096 approximately = 10 cents per dollar
Financial Year 2004
Go page 7 > Voluntary Income = 73.6 million
Money paid by Kidney patients aka Charitable income = 23.8 million
Cost of dialysis (pg 10) = 27.1
Net subsidy = 27.1 – 23.8 = 3.3 million
Amount went to patients
3.3/ 73.6 = 0.044 approximately = 5 cents per dollar
http://www.todayonline.com/articles/92663.asp