Singapore Airlines posts record loss in Jan-Mar

Dhaka,  Tue,  30 May 2017
Published : 19 May 2017, 11:51:21
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Singapore Airlines posts record loss in Jan-Mar

Singapore Airlines posts record loss in Jan-Mar
Singapore Airlines (SIA) on Thursday announced a net loss of 138 million Singapore dollars (99.12 million US dollars) in the quarter from January to March, compared to 225 million Singapore dollars net profit in the same period a year ago, reports Xinhua.

SIA said its full-year net profit shrank by 55.2 per cent to 360 million Singapore dollars (258.60 million US dollars) partly due to net loss recorded in the January-March period.

The poor earnings were mainly due to "intense competition which continues to exert pressure on yields amidst persistent cost pressures," said SIA.

Looking forward, SIA said "intense competition arising from excess capacity in major markets, alongside geopolitical and economic uncertainty, continue to exert pressure on yields."

Nevertheless, strategic policies to address structural changes are starting to demonstrate positive results, it added.

 
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