Singapore Airlines records net loss of 99 mln USD in January-March
SINGAPORE, May 18 (Xinhua) -- Singapore Airlines (SIA) on Thursday announced a net loss of 138 million Singapore dollars (99.12 million U.S. dollars) in the quarter from January to March, compared to 225 million Singapore dollars net profit in the same period a year ago.
SIA said its full-year net profit shrank by 55.2 percent to 360 million Singapore dollars (258.60 million U.S. dollars) partly due to net loss recorded in the January-March period.
The poor earnings were mainly due to "intense competition which continues to exert pressure on yields amidst persistent cost pressures," said SIA.
Looking forward, SIA said "intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields."
Nevertheless, strategic policies to address structural changes are starting to demonstrate positive results, it added. (1 Singapore dollar = 0.72 U.S. dollar)