Latest news with #profitsharing
Bloomberg
27-05-2025
- Automotive
- Bloomberg
Billionaire-Minting Brazilian Motor Maker Gears Up to Fight Trump Tariffs
It's said that 'dividend days' are the best days of the year in the remote Brazilian town of Jaragua do Sul, population 180,000. That payment, together with a profit-sharing program from electric-motor maker WEG SA, helps to support some 20% of the city's residents, spanning current workers to family members and retirees. The 64-year-old company, founded by an electrician, an accountant and a mechanic, says its own health clinics treat nearly as many patients a year as the city's health system.
CNA
16-05-2025
- Business
- CNA
Singapore Airlines posts record annual profit of S$2.8 billion; staff to get 7.45 months' bonus
SINGAPORE: Singapore Airlines (SIA) reported a record annual net profit on Thursday (May 15), boosted by a one-off gain from the merger of Air India and Vistara, but lower air fares in response to increased competition weighed on operating profit. Singapore's flag carrier said net profit was S$2.78 billion (US$2.14 billion) for the year ended Mar 31, compared with S$2.68 billion a year earlier. The airline group recognised a one-off gain of about S$1.1 billion after completing the merger of its 49 per cent-owned Indian carrier Vistara with Air India last November. Its operating profit fell 37 per cent from a year earlier, however, to S$1.71 billion, as passenger yields - a proxy for airfares - dropped by 5.5 per cent due to stiff competition as airlines globally added capacity. Employees will be rewarded with a profit-sharing bonus of 7.45 months. "This is based on a long-standing formula that has been agreed with our staff unions," SIA said in response to CNA's queries. In the previous financial year, SIA gave its employees 7.94 months' worth of profit-sharing bonus, the highest in the airline's history. While the airline carried a record annual number of passengers and described demand as robust, increased capacity in the industry drove ticket prices down, while fuel and expenditure rose, squeezing profit margins. Following warnings from other carriers world-wide, SIA said US-led tariffs were likely to hit consumer and business confidence and weigh on passenger and cargo markets. Annual cargo revenues rose 4.4 per cent on strong e-commerce and perishables demand, and from disruption to Red Sea shipping, but freight yields fell 7.8 per cent due to increased competition. US carriers such as American Airlines and Delta pulled their forecasts, while Asian major Cathay Pacific said air cargo demand between mainland China and the US was likely to fall. SIA declared a final dividend of 30 Singapore cents per share, lower than 38 Singapore cents declared a year earlier. The Air India-Vistara merger, completed on Nov 12 last year, gives SIA a 25.1 per cent stake in Air India, allowing it to "participate directly in the fast-expanding Indian aviation market", said SIA. On the industry's outlook, SIA said that the global airline industry faces a "challenging operating environment amid changing tariff policies and trade tensions, economic and geopolitical uncertainties, and continued supply chain constraints". The group said it will remain vigilant and closely monitor developments so it is able to react swiftly to market conditions. It also noted that shifts in global passenger and trade flows may create new opportunities for the group due to its "well-diversified global passenger and cargo network".
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Singapore Airlines to pay staff over 7 months' bonus, warns of Trump's tariffs hurting demand
Singapore Airlines Ltd. will reward employees with a profit-sharing bonus worth more than seven months after delivering full-year net income of S$2.78 billion (US$2.1 billion) that beat analyst estimates. Advertisement Employees will be paid 7.45 months' bonus, lower than the 7.94 months received a year ago, The Straits Times reported on Thursday, citing a response from the airline. The smaller bonus payout comes as Singapore Airlines on Thursday warned that tariff and trade tensions on top of broader economic and geopolitical uncertainties could hurt demand for passenger and cargo flights. 'The global airline industry faces a challenging operating environment,' the airline said in a statement. The growing challenges 'may impact consumer and business confidence, potentially affecting both passenger and cargo markets', adding it remained vigilant to adapt to changing market conditions. The company's net income rose 3.9 per cent to S$2.78 billion (US$2.1 billion) in the year ended March 31, higher than analyst estimates for S$2.4 billion. Revenue edged 2.8 per cent higher to a record S$19.5 billion, topping expectations for S$19.3 billion. Advertisement Singapore Airlines' muted final quarter underscores the uncertainty hanging over the carrier for the year ahead. While the airline had been confident about robust travel demand, US President Donald Trump's ever-changing policies have hurt consumer sentiment and upended global trade flows.
Bloomberg
16-05-2025
- Business
- Bloomberg
Singapore Airlines to Pay Staff Over 7 Months' Bonus, ST Says
Singapore Airlines Ltd. will reward employees with a profit-sharing bonus worth over seven months after delivering full-year net income of S$2.78 billion ($2.1 billion) that beat analyst estimates. Employees will be paid 7.45 months' bonus, lower than the 7.94 months received a year ago, the Straits Times reported Thursday, citing a response from the airline.
Bloomberg
13-05-2025
- Business
- Bloomberg
Ukraine, US Sign Additional Documents on Implementing Minerals Deal
Ukraine and the US have signed additional agreements concerning a natural resources deal, a key demand of US President Donald Trump which is crucial for sustaining military aid for Kyiv. The move brings both countries closer to finalizing a major profit-sharing deal aimed at securing US investment opportunities in Ukraine.
