'SIA is not immune to the downward momentum for both traffic and yield growth and could see operating margins deteriorate to 7.3 per cent in FY2009E, down from 13.3 per cent in FY2008 and revisiting FY2002 lows of 6.8 per cent,' Goldman's analysts said in a note.

The note said it expected SIA to remain profitable in the next two financial years. Shares of SIA last closed at $11.82. -- REUTERS