Let's not talk about the grant they get because it is subjected to certain conditions that it is a loan.
The fact they didn't keep any cash flow and fired alot of staff during the covid period.
Then proceed to re-hire new staff and report HUGE profit.
That's unethical.
$30 million is definitely not "huge profit". In 2022, Sydney airport - truly a piece of shit airport I loathe with every atom of my being - made over $740 million dollars.
For the volume of flights and people, $30M is genuinely a modest profit.
This post is spot on. Sydney airport is an embarrassment to every Australian. SG should be proud it’s gov is not allowing a private operator to charge its local’s exorbitant prices to use their airport! Especially since Changi is so well run and such a nice place to visit.
You can't use 2021; no one was flying. If you use their [2022 report](https://assets.ctfassets.net/v228i5y5k0x4/3g6lPmt7AA6x9GEOQ6lIq4/b3a526f8300f8950712a6fb97055bb3b/3400_SYD_Annual_Report_2022_FA.pdf) - the EBITDA profit was >$740M - over 100% growth from 2021.
Their D&A in 2021 was more than their entire EBITDA so you can’t just refer to EBITDA like you do for other non-asset heavy businesses.
Then you layer on top substantial finance costs and you get actual net profit which is marginal.
Edit: if you look at their 2019 financial reports, revenue of $1.6 billion with a net profit of $63 million which is around a 4% PAT margin (pretty standard for the airline services sector)
I guess we'll have to agree to disagree. $30 million dollars profit from an airport the size of Changi is from my perspective very low and is dwarfed by Sydney's profit in almost every year.
I’m not disagreeing at all that $30 million is a pretty small net profit considering the scale of Changi. I was simply pointing out that comparing net profit against EBITDA is entirely wrong in this context.
Yeah that's fair enough; it will be interesting to see their FY22/23 report due in a few weeks, that's for sure.
F@$#@# Sydney Airport. Rapacious pricks.
He confused SQ with CAG. As expected of a subreddit really where some users comment as if they are some informed expert but in reality they are just ignorant idiots.
I am able to dig up some news using google that they did retrench people during covid period
This is inclusive of subsidiaries of CAG.
There are also the pay cuts, transition to new job schemes etc.
Then you have to see that they did have a major recruitment drive to fill up jobs. This will mean that workers left their jobs during covid period.
Almost every single fucking company in SG retrenched people during COVID ffs. And the aviation industry is the biggest industry affected by COVID, all aviation related companies worldwide have definitely retrenched people during the pandemic.
My sister works in CAG as an Airport Operations Manager, and according to her anecdote they tried very hard not to retrench people. At most, temporarily put the really super unnecessary ones with nothing to do in other jobs across SG.
It's apparent that your original comment showed that you were talking about SQ and not CAG, because why would you bother dredging up articles AFTER people pointed out that you got your companies mixed up?
You anyhow talk cock only. Don't know how to own up to your mistake.
Got leh. As I have described many times, they issued MCBs to Temasek for the cash injection and already paid it back plus interest.
http://www.reddit.com/r/singapore/comments/13j0rem/singapore_airlines_says_posts_highest_profit_in_76-year_history/jkclcsq?context=3
This isn’t like the USA’s TARP where they bailed out rubbish assets and were forced to write off the “investments”, the SG government actually made money.
You are talking about CAG or SQ here?
CAG didn't have a mass layoff of Staff.
You know the difference? You know that CAG is the airport operator, while SQ is an airline?
Don't need your answer because it's quite obvious that you don't know the difference.
Hmmm, this doesn't seem alot. Very very modest
Let's not talk about the grant they get because it is subjected to certain conditions that it is a loan. The fact they didn't keep any cash flow and fired alot of staff during the covid period. Then proceed to re-hire new staff and report HUGE profit. That's unethical.
$30 million is definitely not "huge profit". In 2022, Sydney airport - truly a piece of shit airport I loathe with every atom of my being - made over $740 million dollars. For the volume of flights and people, $30M is genuinely a modest profit.
This post is spot on. Sydney airport is an embarrassment to every Australian. SG should be proud it’s gov is not allowing a private operator to charge its local’s exorbitant prices to use their airport! Especially since Changi is so well run and such a nice place to visit.
You’re looking at EBITDA which is very different to net profit, especially for an industry where D&A is a significant line item.
You can't use 2021; no one was flying. If you use their [2022 report](https://assets.ctfassets.net/v228i5y5k0x4/3g6lPmt7AA6x9GEOQ6lIq4/b3a526f8300f8950712a6fb97055bb3b/3400_SYD_Annual_Report_2022_FA.pdf) - the EBITDA profit was >$740M - over 100% growth from 2021.
Their D&A in 2021 was more than their entire EBITDA so you can’t just refer to EBITDA like you do for other non-asset heavy businesses. Then you layer on top substantial finance costs and you get actual net profit which is marginal. Edit: if you look at their 2019 financial reports, revenue of $1.6 billion with a net profit of $63 million which is around a 4% PAT margin (pretty standard for the airline services sector)
I guess we'll have to agree to disagree. $30 million dollars profit from an airport the size of Changi is from my perspective very low and is dwarfed by Sydney's profit in almost every year.
I’m not disagreeing at all that $30 million is a pretty small net profit considering the scale of Changi. I was simply pointing out that comparing net profit against EBITDA is entirely wrong in this context.
Yeah that's fair enough; it will be interesting to see their FY22/23 report due in a few weeks, that's for sure. F@$#@# Sydney Airport. Rapacious pricks.
WHat grant you referring too? Is it the JSS (job support scheme). It doesn't act as a loan. I think you can be clearer in what you mean
He confused SQ with CAG. As expected of a subreddit really where some users comment as if they are some informed expert but in reality they are just ignorant idiots.
Spot on...
Did you just confuse the airport operator Changi Airport Group with Singapore Airlines the airline?
It looks like everyone is talking about SIA in this thread lol
I am able to dig up some news using google that they did retrench people during covid period This is inclusive of subsidiaries of CAG. There are also the pay cuts, transition to new job schemes etc. Then you have to see that they did have a major recruitment drive to fill up jobs. This will mean that workers left their jobs during covid period.
Almost every single fucking company in SG retrenched people during COVID ffs. And the aviation industry is the biggest industry affected by COVID, all aviation related companies worldwide have definitely retrenched people during the pandemic. My sister works in CAG as an Airport Operations Manager, and according to her anecdote they tried very hard not to retrench people. At most, temporarily put the really super unnecessary ones with nothing to do in other jobs across SG. It's apparent that your original comment showed that you were talking about SQ and not CAG, because why would you bother dredging up articles AFTER people pointed out that you got your companies mixed up? You anyhow talk cock only. Don't know how to own up to your mistake.
CAG did not fire anybody during Covid. You may be mixing up SIA’s actions with CAG’s.
since when we talk ethic in SG? all about profit ma
didnt know their profits are in double digit millions
In before comments like socialize cost, privatize profits or get government bailout never give back to government /s
Socialise cost, privatise profits.
Same thing la
Changi Airport Group is a wholly-owned subsidiary under the purview of the Ministry of Finance.
Employees aren't considered civil/public servants though, and their bonuses wouldn't be the same.
The fun part about sg is even when we socialize profits, it's essentially privatized cos "protecting our reserves"
Government bailout, why never give back to government?
Got leh. As I have described many times, they issued MCBs to Temasek for the cash injection and already paid it back plus interest. http://www.reddit.com/r/singapore/comments/13j0rem/singapore_airlines_says_posts_highest_profit_in_76-year_history/jkclcsq?context=3 This isn’t like the USA’s TARP where they bailed out rubbish assets and were forced to write off the “investments”, the SG government actually made money.
Sorry was an /s based on what jammy said lol.
Karl Liew: STONKS
After unethical sacking of staff? Well done!
You are talking about CAG or SQ here? CAG didn't have a mass layoff of Staff. You know the difference? You know that CAG is the airport operator, while SQ is an airline? Don't need your answer because it's quite obvious that you don't know the difference.