SIA SHARES FALL AS AIRLINE POST SLUMP IN NET INCOME

Singapore Airlines has reported an 82% slump in net income to S$44.7 million ($37 million) in the three months ended June. Shares fell as much as 9.3% on the news – the most on an intraday basis since March 15. SIA’s main flying unit and its cargo business both posted operating losses owing to a 46% increase in fuel prices. Passenger load factor was also down for the 11th straight month in June on a year-on-year basis. SIA made an operating loss of S$36 million in the fiscal first quarter, compared with a profit of S$136 million a year earlier.