Singapore Airlines fiscal Q2 profit drops 36 percent on higher fuel costs

Business Materials 7 November 2008 06:44 (UTC +04:00)

Singapore Airlines Ltd. says its July-September profit fell 36 percent as fuel costs boosted expenditures and warned passenger demand may drop next year, the Associated Press reported.

Singapore Airlines' said in a statement late Thursday that net profit for the fiscal second quarter was 324 million Singapore dollars ($219 million), down from SG$508 million in the same period a year ago.

The carrier said fuel prices have retreated but fuel remains the biggest single item of operating expenditure.

Revenue rose 10 percent to SG$4.4 billion ($3.0 billion) for the quarter, driven by higher passenger traffic.

Expenditures jumped 20 percent to SG$4.1 billion ($2.8 billion).