Tough third quarter for Singapore Airlines
Nov. 4, 2011, Singapore - Singapore Airlines Ltd. says quarterly profit plunged
49 per cent as demand for travel slowed while higher fuel prices pushed up costs.
The carrier said in a statement Thursday that its net profit in the third quarter was 194 million Singapore dollars ($152 million) compared with SG$380 million a year earlier.
Quarterly revenue at the world's second-biggest airline by market capitalization rose 2 per cent to SG$3.7 billion from a year earlier.
Singapore Airlines said expenditure increased 9 per cent to SG$3.58 billion as jet fuel prices rose from a year earlier.
The airline said advance passenger bookings are showing signs of weakness, especially in Europe and the U.S.