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Shares of the world’s second largest carrier Singapore Airlines fell as much as 2.4% in early trading on Friday, after it posted disappointing quarterly earnings and warned of further deterioration in its business, reported Reuters.
By 9:04a.m., SIA shares were 2.2% lower at $10.76 with 212,000 shares changing hands, compared to its average daily volume of 1.2 million over the last five sessions.
SIA posted a worse-than-expected 53% fall in its third quarter net yields would remain under pressure.
CIMB Research, which has a neutral rating on SIA, said weak forward bookings and poor cargo demand will continue to weigh on SIA’s yields.
“Weak economic conditions make it difficult to justify higher valuations, even though SIA group is expected to stay in the black,” said the brokerage in a report.
