新加坡航空(SIA.SG)(下稱：新航)於7月26日公佈第一季度業績，比彭博所顯示的四位大行分析員預期中好，溢利2.5億新加坡幣，股價亦有所上漲。而國泰航空(293.HK)(下稱：國泰)將於8月4日公佈中期業績。因此，引起我對這兩只股票的研究。
它的綜合損益表所示(因太懶的關係沒有翻譯成中文)：
| CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE FIRST QUARTER ENDED 30 JUNE 2010 (in S$ mil) | 2010-11 Q1 | 2009-10 Q1 |
| REVENUE | 3465.8 | 2871.4 |
| EXPENDITURE | | |
| Staff costs | 527.1 | 618.3 |
| Fuel costs | 1131 | 1026.8 |
| Depreciation | 407.2 | 422.2 |
| Impairment of property, plant and equipment | 10.8 | 1 |
| Amortisation of intangible assets | 6.1 | 14.9 |
| Aircraft maintenance and overhaul costs | 92.5 | 87.1 |
| Commission and incentives | 96.5 | 73.2 |
| Landing, parking and overflying charges | 147.4 | 146.4 |
| Handling charges | 229.5 | 137.8 |
| Rentals on leased aircraft | 138.4 | 147.7 |
| Material costs | 65.6 | 144.9 |
| Inflight meals | 101.8 | 48.5 |
| Advertising and sales costs | 47.9 | 64.9 |
| Insurance expenses | 15.8 | 15.2 |
| Company accommodation and utilities | 26.8 | 46.5 |
| Other passenger costs | 38.7 | 32.8 |
| Crew expenses | 33.7 | 40.7 |
| Other operating expenses | 98.5 | 121.8 |
| | 3215.3 | 3190.7 |
| Operating Profit | 250.5 | -319.3 |
將兩季平均起來看，燃油(Fuel costs)為最大成本，佔總收入(REVENUE)的34%，員工成本(staff costs)佔總收入(REVENUE)的18%，再排下去是折舊(Depreciation)，佔13%。那和國泰的怎比？下篇再續。(待續)
後記：
Esprit(330.HK)這幾天漲了不少，其實我於未漲之前已準備再購入減低平均買入成本，當時僅$42.x，我亦僅差一﹑兩個價位就買得進了，這不禁令我想起Philip Fisher在其著作《Common Stocks and Uncommon Profits》裡提到的”5 Don'ts for Investors”裡第5項“Don't quibble over eighths and quarters”。意思大概為：『不要為一﹑兩個價位討價還價。』經過是次教訓之後，我對這句話體會更深。
另外，剛剛看完一本叫“最後的演講”(The Last Lecture)的書，十分好看，值得推薦 (它不是投資書。)
