Singapore Airlines 2Q profit plunges 82 percent

Yahoo Finance

Jul 28, 2011 at 14:31

SINGAPORE (AP) — Singapore Airlines Ltd. says quarterly profit plunged 82 percent as soaring fuel prices pushed up costs.

The carrier said in a statement Thursday that its net profit in the second quarter was 45 million Singapore dollars ($37 million) compared with SG$253 million a year earlier.

Quarterly revenue at the world's second-biggest airline by market capitalization rose to SG$3.58 billion from SG$3.47 billion a year earlier.

Singapore Airlines said expenditure increased to SG$3.57 billion from SG$3.22 billion as jet fuel prices jumped almost 50 percent from a year earlier.

The airline said high fuel costs will remain its biggest challenge in the coming months while advance bookings for travel in the next few months are almost flat compared to the same period last year.