SIA profit slumps
SINGAORE – Singapore Airlines’ (SIA) net profit fell an annual 42.8 percent in the third quarter to December as it carried fewer passengers and cargo due to the global economic downturn.
SIA has forecast a bleak outlook for this year.
SIA said it carried 4.8 million passengers in the October to December period, down 4.2 percent from the same quarter the year before.
“Demand for air transportation is expected to remain weak for much of 2009,” SIA warned. “The company will continue to monitor the patterns of demand and make appropriate adjustments to flight schedules and capacity while managing costs tightly.”
SIA announced late last month the suspension of some international flights, saying it did not want to fly half-empty planes around the world.
Flights to India, Southeast Asia, the United States and Europe were among those affected. The airline said it was also reducing its all-business-class service to New York and Los Angeles.
In its statement, SIA said group expenditure rose 5.7 percent, as gains from declining jet fuel prices were eroded by hedging losses totaling S$341 million.
Ian Jarrett
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