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.
November 4, 2011 By Carey Fredericks
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.