Singapore Airlines reports quarterly decline in profits

admin
By admin July 31, 2014 21:27

Singapore Airlines reports quarterly decline in profits

Singapore Airlines has announced its first-quarter net profit fell 71%, as revenue weakened and competition increased.

Net profit for the quarter fell to SGD35 million (US$28 million) from SGD122 million a year earlier. The result marks the airline’s third consecutive decline in quarterly net profit.

The carrier also said revenue fell 4.1% to SGD3.68bn as increased competition forced it to sell more seats at a discount to maintain load factors.

Passenger yield, or revenue per passenger per kilometer flown, also declined 1.8% from a year earlier to 10.9 Singapore cents during the quarter.

admin
By admin July 31, 2014 21:27