05 Nov '12, 2am

Singapore Airlines Declines as Cargo Loss Hits Earnings - Bloomberg

Singapore Airlines Declines as Cargo Loss Hits Earnings - Bloomberg

Singapore Airlines Ltd. (SIA) , the world’s third-largest carrier by market value, fell to a four-month low after profit tumbled on a wider loss at its cargo unit. The carrier dropped as much as 1.7 percent to S$10.40, the lowest price since June 29. It was down 1.3 percent as of 9:38 a.m., while the Straits Times Index fell 0.5 percent. The airline , based in Singapore , on Nov. 2 reported a worse-than-estimated 54 percent drop in quarterly profit after losses at its freight arm tripled. The carrier plans to pare cargo capacity by parking one of 13 Boeing Co. (BA) 747 freighters for more than a year as it contends with slower trade and competition from Middle East carriers. “We are not convinced that we will see a material earnings pickup over coming months,” Hong Kong-based Deutsche Bank AG analyst Joe Liew said in a note today. “We continue to see no reason to own the s...

Full article: http://www.bloomberg.com/news/2012-11-05/singapore-airlin...

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