Singapore Airlines (SIA) benefited from a solid recovery in demand in the second half of its financial year and the maintenance of capacity and cost disciplines to record a net profit of SGD216 million (USD154 million) for the financial year ended 31-Mar-2010. In doing so, SIA maintained its unbroken run of full year profitability – a feat that seemed unlikely after a very challenging first half. But profits have largely been produced by cost cutting rather than top-line revenue growth and further improvement will depend on the strength of the global economic recovery.