Singapore Airlines Q2 net profit more than doubles

AFP, SINGAPORE: Singapore Airlines (SIA) yesterday said its second quarter net profit more than doubled from last year, but warned about uncertainty due to an economic slowdown in emerging markets led by China.
Net profit for the three months to September soared 135 per cent to Sg$213.6 million ($152 million), boosted in part by higher dividends from long-term investments, the carrier said in a statement.
Lower fuel expenses and an absence of share loss from associated companies after budget carrier Tiger Airways was classified as a subsidiary also helped lift earnings.
Tiger became a subsidiary last year after SIA raised its stake in the budget carrier from 40 per cent to nearly 56 per cent. Group revenue for the quarter fell 1.5 per cent to Sg$3.84 billion due to tougher competition in the passenger and cargo markets amid a sluggish global economy.
"Uncertainty in economic conditions persists, exacerbated by concerns about China's slowing economy which have led to weakening emerging market currencies and volatility in stock markets," SIA said.
"The outlook for both passenger and cargo traffic is cautious. Yields remain under pressure in the face of capacity additions from other airlines," it said.

Singapore Airlines Q2 net profit more than doubles

AFP, SINGAPORE: Singapore Airlines (SIA) yesterday said its second quarter net profit more than doubled from last year, but warned about uncertainty due to an economic slowdown in emerging markets led by China. Net profit for the three months to September soared 135 per cent to Sg$213.6 million ($152 million), boosted in part by higher dividends from long-term investments, the carrier said in a statement. Lower fuel expenses and an absence of share loss from associated companies after budget carrier Tiger Airways was classified as a subsidiary also helped lift earnings. Tiger became a subsidiary last year after SIA raised its stake in the budget carrier from 40 per cent to nearly 56 per cent. Group revenue for the quarter fell 1.5 per cent to Sg$3.84 billion due to tougher competition in the passenger and cargo markets amid a sluggish global economy. Uncertainty in economic conditions persists, exacerbated by concerns about Chinas slowing economy which have led to weakening emerging market currencies and volatility in stock markets, SIA said. The outlook for both passenger and cargo traffic is cautious. Yields remain under pressure in the face of capacity additions from other airlines, it said.