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United States
Asia Pacific
Huge slump in SIA profits
Singapore Airlines has blamed soaring fuel costs and economic uncertainty for an 82% slump in first quarter profits.
The airline posted a net profit of $44.7m during the quarter to June 30, compared with $252.5m in the same period last year. Meanwhile, forward bookings are looking flat.
“High fuel cost will remain the biggest challenge for the group in the coming months,” SIA said in a statement.
SIA said it has been adjusting its capacity by reducing frequency on the all-business-class non-stop flight between Singapore-Los Angeles while adding capacity to more popular destinations in Asia such as Hong Kong, Guangzhou, Taipei and Mumbai.
The International Air Transport Association (IATA) this week cut 2011 profit forecasts for the world’s major airlines by more than half to $4 billion as high oil prices and turmoil in Japan, North Africa and the Middle East weigh on the industry’s recovery.
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