Singapore Airlines' profits fall

Singapore Airlines' profits fall
By admin

Singapore Airlines saw profits plummet 53% in the third quarter, with the airline blaming the drop on “persistently high” jet fuel prices.

Although it recorded revenue growth of 1% to $3.8 billion (A$2.9 billion) due to “marginal growth” in passenger carriage, the quarter’s net profits fell $153m (A$114m) to $135 (A$101m) driven down by rising expenditure with fuel the key culprit.
The airline's fuel bill jumped by $375 million, an increase of 33%, accounting for 40% of total outgoings, up seven percentage points year on last year.
“As the price of jet fuel remains high and volatile, fuel costs continue to adversely impact the Group’s financial performance,” a statement from the airline said.
The airline was pessimistic about the fourth quarter, with forward bookings showing “signs of weakness” due to ongoing global economic uncertainty and the European debt crisis.

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