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Singapore Airlines posts second quarterly loss10 days ago
(AP:SINGAPORE) Singapore Airlines Ltd. said it posted a loss for a second straight quarter as travel and tourism remained sluggish last quarter.
The carrier had a net loss in the July-September period of 159 million Singapore dollars ($114 million) compared to a profit of SG$324 million a year earlier, it said in a statement Tuesday.
The loss narrowed from SG$307 million in the previous quarter.
Revenue at the world's second-biggest airline by market capitalization fell to SG$3.1 billion for the quarter from SG$4.4 billion a year ago while expenditures dropped to SG$3.3 billion from SG$4.1 billion.
Singapore Airlines flew 4.2 million passengers last quarter, down from 4.9 million a year earlier.
"Advance bookings indicate that demand for air travel has stopped declining and is gradually recovering," the company said in a statement.
The airline has cut flights to the U.S., Europe and Asia, with plans to reduce capacity by 11 percent from April to March 2010.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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