High Fuel Price Blamed on Losses of Singapore Airlines

[pioneer]

Associated Press

Singapore Airlines Ltd. said its profit fell 38 percent in the January-March quarter as soaring fuel prices pushed up expenditure.

The carrier said in a statement Thursday that its net profit in the first quarter was SG$171 million (US$139 million) compared with SG$278 million a year earlier.

Quarterly revenue at the world's second-biggest airline by market capitalization rose to SG$3.59 billion from SG$3.34 billion a year earlier.

Expenditure increased to SG$3.42 billion from SG$3.10 billion as jet fuel prices jumped 34 percent from a year earlier.

The airline said high fuel prices and weakness in passenger numbers would continue to hurt operating performance in the near term.

[chicogon]

No wonder it cost $2,200 plus now to go home to the Philippines... and that's even the cheapest I could get, huh!