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May 29, 2017

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Singapore Airlines sees net profit for first half of year decline by 30 percent

SINGAPORE -- Singapore Airlines (SIA) said Friday its first-half net profit fell 30 percent from last year, and warned the outlook was bleak as the eurozone debt crisis dents global business confidence.

Net profit in the six months ending September was SG$168 million (US$138 million), weighed down by a sharper 54-percent fall in second-quarter earnings due to higher fuel prices and weak demand in the travel and cargo markets.

SIA's first-quarter net profit had risen 73 percent on stronger passenger traffic but the growth was magnified by a low earnings figure for the corresponding period in 2011.

"The continuing European economic crisis is dampening global business confidence, exerting downward pressure on loads and yields of both passenger and cargo businesses," the leading Asian carrier said in a statement.

"These challenging market conditions are exacerbated by high and volatile jet fuel prices," said SIA, considered a bellwether for the premium airline industry.

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