In a statement to the Singapore Exchange on Thursday, the Singapore Airlines subsidiary said profits for the third-quarter came to $37.6 million.

Lower business volumes led to a 0.9 per cent slide in turnover, compared to the same quarter a year ago.

The company reported revenues of $242.4 million.

Expenditure was up marginally by 0.8 per cent, due to higher raw material costs as well as higher utilities charges and counter rentals incurred for Terminal 3 operations at Changi Airport, SATS said.

Together with first-half results, profits for the nine months to end-December hit $104.5 million - a 28.8 per cent drop compared to a year earlier.

Net asset value per share dropped to $1.24, from $1.29 as at 31 March 2008.