Singapore Airlines profit sinks 82 percent

  • News Digest

Nov 14, 2018-

Singapore Airlines Ltd on Tuesday reported an 81 percent plunge in second-quarter earnings, hurt by higher fuel prices, lower airfares and non-cash losses at its part-owned Virgin Australia Holdings Ltd. The airline said bookings in the coming months were expected to be stronger year-on-year. “However, headwinds continue to persist in the form of cost pressures arising from significantly elevated fuel prices compared to a year ago, as well as keen competition in key operating markets,” Singapore Airlines said in a statement. The carrier, a benchmark for Asia’s premium airline industry, posted a net profit of S$56 million ($40.5 million) for the quarter ended September 30, down from S$293 million a year earlier. The prior-year figure was restated due to accounting changes. (REUTERS)

Published: 14-11-2018 08:31

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