SINGAPORE (Nov 3): Singapore Airlines reported a 70% fall in 2Q earnings to $64.9 million as excess capacity and aggressive pricing by competitors depressed yields.
Group operating profit declined 15.5% to $109 million as the 4.7% fall in expenditure was insufficient to cushion the $194.5 million or 5.3% reduction in revenue to $3.65 billion for the three months to Sept.
Most companies in the group recorded weaker operating results amid a sluggish global economy. SIA’s operating profit fell 20% to $79 million while SilkAir’s operating profit fell 20% to $17 million.
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