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Singapore Airlines profit sinks on fuel costs, Virgin Australia losses

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SINGAPORE: Singapore Airlines Ltd on Tuesday (Nov 13) reported an 81 per cent fall in second-quarter earnings, driven by higher fuel prices and non-cash losses at its part-owned Virgin Australia Holdings Ltd.
The carrier, a benchmark for Asia's premium airline industry, posted a net profit of S$56 million for the quarter ended Sep 30, down from S$293 million a year earlier. The prior-year figure was restated due to accounting changes.
AdvertisementExcluding the S$116 million loss relating to its 20 per cent stake in Virgin Australia, the company reported an adjusted net profit of S$172 million, down 41 per cent from a year earlier.
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