28 Jul '11, 11am

Singapore Airlines Q2 profit plunges 82%

Singapore Airlines Q2 profit plunges 82%

Singapore Airlines says quarterly profit plunged 82 per cent as soaring fuel prices pushed up costs. -- PHOTO: REUTERS SOARING fuel costs sent first-quarter profits sliding a surprising 82 per cent at Singapore Airlines (SIA) to $44.7 million, down from $252.5 million a year ago. The shock result caught out market watchers who tipped earnings of $108.3 million in a Bloomberg poll. SIA said in a statement: 'Expenditure on fuel, excluding hedging, rose 38 per cent, or $397 million, as average jet fuel prices jumped 46 per cent year-on-year.' The company noted that the rise was partially offset by an improvement in hedging, and that other cost items were well contained. The increase in fuel costs outpaced the rise in group revenue, which was up 3 per cent to $3.58 billion. SIA carried more passengers despite weak travel demand to Japan over nuclear radiation concerns. Earning...

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

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