06 Nov '11, 4am

Turbulence ahead for airline industry as earnings for aviation giants SIA & Emirates tumble

Turbulence ahead for airline industry as earnings for aviation giants SIA & Emirates tumble

Hefty falls in earnings for aviation giants Singapore Airlines (SIA) and Emirates are the clearest signs yet of fresh turbulence just three years after the 2008 financial crisis wreaked havoc, analysts said. -- PHOTO: YEN MENG JIIN, AP SINGAPORE (AFP) - Hefty falls in earnings for aviation giants Singapore Airlines (SIA) and Emirates are the clearest signs yet of fresh turbulence just three years after the 2008 financial crisis wreaked havoc, analysts said. The two companies, regarded as among the industry's most well-managed carriers, cited escalating fuel expenses and growing unease over the global economy as the main drag on profits. Both airlines rely heavily on intercontinental passenger and cargo traffic to drive earnings and the decline in profits announced on Thursday reflects the severity of the situation facing the sector, analysts said. 'The global airline secto...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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