Singapore Air says it made an operating profit of $509 million in the third quarter of the 2010-11 financial year, a 58% increase over the same quarter last year.

The parent airline company earned an operating profit of $378 million in the third quarter, $147 million more than in the same three months of the previous year. All the main companies in the group were profitable, with improved operating performance.

SIA Cargo posted an operating profit of $48 million (+18%), SilkAir’s operating profit was $45 million (+93%) while SIA Engineering made an operating profit of $34 million (+58%)

Group revenue at $3,841 million grew 12% year-on-year, supported by continued improvement in carriage and yields.

On the cost side, group expenditure rose $237 million (+8%) to $3,332 million. Expenditure on fuel before hedging increased $154 million owing to higher jet fuel prices.

Group net profit for the third quarter was $288 million, a decline of $116 million from the corresponding period a year earlier. In the quarter, a $199 million provision was made in accordance with the Singapore Financial Reporting Standards for fines imposed. While SIA Cargo has accepted the plea offer made by the United States Department of Justice, it has filed appeals against fines imposed by the European Commission and the South Korean Fair Trade Commission, and intends to contest these fines. Excluding the fines, group net profit improved by 21%.