Singapore Airlines made a net profit of $216 million in the financial year ended March 31.
The airline recovered from a tough loss in the first half of the fiscal year, with a strong turnaround between October and March.
A net profit of $404 million in the third quarter and $278 million in the fourth quarter counteracted the $466 million loss between April and September last year.
The aviation company reduced its annual spend by £254 million, to $3,095 million. Fuel costs, however, increased by almost 30% to $220 million.
The airline predicted it would need around 33 million barrels of jet fuel in the coming financial year, and it intends to hedge at least a fifth.
The outlook for the year ahead looked positive, according to the airline, with advance bookings for travel "encouraging", especially in busines class.
Singapore Airlines' subsidiary SilkAir made an operating profit of $31 million, nearly doubling the $17 million profit for the fiscal year ending in 2009.
www.singaporeair.com