SIA's third-quarter October-December profits fall 65% to $50m

Profits at Singapore Airlines in the three months to the end of December fell by 65 per cent to $50 million, mainly due to non-operating expenses. -- FILE PHOTO: AFP
Profits at Singapore Airlines in the three months to the end of December fell by 65 per cent to $50 million, mainly due to non-operating expenses. -- FILE PHOTO: AFP

Profits at Singapore Airlines in the three months to the end of December fell by 65 per cent to $50 million, compared with the same three months the year before that.

This was mainly due to non-operating expenses, for example fines paid by SIA Cargo to foreign authorities for its alleged involvement in global price-fixing.

During the quarter, SIA also increased its stake in budget airline Tigerair.

Overall, the group recorded an operating profit of $151 million, or $20 million more than a year ago.

SIA said on Thursday that the outlook for the air transportation industry continues to be challenging with airlines offering aggressive fares to fill up planes.