Singapore Airlines sees profits plunge 92%

Singapore Airlines (SIA) said its January-March profit plunged 92 per cent as the global economic slowdown depressed passenger and cargo movements. The carrier’s net profit for its fiscal fourth quarter was S$41.9 million (US$28.7 million), down from S$528 million a year earlier, it said in a statement. That took the net profit for the whole […]


depressed passenger and cargo movements profit plunged 92% SIA Cargo Singapore Airlines


Singapore Airlines (SIA) said its January-March profit plunged 92 per cent as the global economic slowdown depressed passenger and cargo movements. The carrier’s net profit for its fiscal fourth quarter was S$41.9 million (US$28.7 million), down from S$528 million a year earlier, it said in a statement. That took the net profit for the whole year to S$1.06 billion, down 48 per cent from the previous year. The company’s cargo division, SIA Cargo, booked a loss of S$245 million, reflecting the depressed global air cargo market. SIA Cargo made a profit of S$132 million in the previous year. In 2008, it carried 7.3 billion tonne-kms compared with 8 billion tonne-kms the previous year, while load factors also declined from 62.2 per cent to 59.4 per cent.