SIA second-quarter profits dip 43.5 per cent to $91m

Profits at Singapore Airlines (SIA) for the three months to the end of September dipped 43.5 per cent year-on-year to $91 million. -- PHOTO: ST FILE
Profits at Singapore Airlines (SIA) for the three months to the end of September dipped 43.5 per cent year-on-year to $91 million. -- PHOTO: ST FILE

SINGAPORE - Profits at Singapore Airlines (SIA) for the three months to the end of September dipped 43.5 per cent year-on-year to $91 million.

This was mainly due to weaker results from associated companies, the airline said on Thursday.

Group revenue for the second quarter was almost flat at $3.9 billion, while spending declined marginally by 1.1 per cent to $3.77 billion.

For the first six months of the current financial year, profits fell by 55.5 per cent to $126 million.

Looking ahead, SIA said the operating landscape for the industry remains competitive and challenging, as an uncertain global economic climate and geopolitical concerns persist.

Demand is generally flat, and yields will remain under pressure amid intense competition from other airlines and promotional activities in weaker markets, the airline added.

Despite the tough conditions, the group will continue to track market movements closely and make appropriate adjustments to capacity, while practising cost discipline in all business areas.

"With a strong balance sheet, the group is well positioned to meet the challenges ahead," SIA said.