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Indiaexportnews.com

Singapore Airlines' net profit is down 49pc

  07.11.2011    

Singapore Airlines has announced the second quarter results ending September 30, posting a net profit of S$194.2 million (US$153 million), which was down 49 per cent year on year due to high fuel costs and losses in cargo business, according to the Shipping Gazette.
The revenue totalled $3.7 billion, up from the $3.6 billion posted in the same period last year. The airline said the present uncertainties in global economy and weak consumer confidence have affected the market demand.
"Exacerbating the impact of the weak outlook is the high cost of fuel, which is compounded by the recent strength in the US dollar. Forward prices for jet fuel remain high and volatile," it said, adding that an amount of S$1.41 billion was spent on fuel in the second quarter, up from S$1.09 billion a year ago.


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