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.

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