Global Airport News
Singapore Airlines reported a worse-than-expected second quarter loss as the global economic slowdown hit the carrier's higher margin business travel particularly hard.
The company, which warned in July it could post a full-year loss if tough conditions last, reported a net loss of SGD$159 million compared to a net profit of SGD$324 million a year ago.
Singapore Air has seen falling passenger and cargo demand this year as a global recession hurt business and leisure travel, forcing it to reduce capacity by 11 percent in the 12 months from April, and cut salaries as well as working hours of its staff.
SIA's capacity cut resulted in an improvement in its overall load factor but yields remain under pressure as it cuts prices to attract flyers.
SIA's share price has gained 26 percent since the start of the year, half the 53 percent rise in the broader market.
