Singapore Airlines’ 2Q profit plummets

Singapore Airlines (SIA), the world's second largest carrier by market value, posted a 49 per cent drop in second quarter net profit to SGP$194 million (US$152.7 million), due to high jet fuel prices and depressed yields.

 "The prevailing economic uncertainty and weak consumer confidence are impacting demand for air transportation. Advance passenger bookings are showing signs of weakness, particularly in Europe and the United States," SIA said in a statement.

 "Global purchasing manager indices (PMIs) have also fallen, pointing to weaker demand for air freight. Both passenger and cargo yields are therefore expected to remain under pressure."