SIA faces losses due to cargo

Carrier will park one of its 13 B 747 freighters for more than a year

54 per cent air cargo market B747 freighters January 2013 May 2014 SIA Singapore Airlines Tan Kai Ping

The freight arm of Singapore Airlines (SIA) has contributed to the carrier’s quarterly profit going down 54 per cent: net profit for the three months ended September 30 fell to $73.7 million from $158.56 million a year earlier. Revenue for the period, however, rose 2.5 per cent to $3.1 billion from $3.02 billion.

With the losses in SIA’s cargo unit going up by more than three times, the carrier has decided to park one of its 13 B747 freighters from January 2013 to May 2014. The air cargo market remained badly depressed and the near-term outlook continued to be challenging, according to SIA Cargo president Tan Kai Ping.