Singapore Airlines' half-year profit nearly halves on rising costs

Singapore Airlines' half-year profit nearly halves on rising costs

Airlines globally have ramped up the number of flights and routes to cater to robust air travel demand, which has resulted in increased competition, putting pressure on ticket prices and squeezing profit margins.

The city state’s flag-carrier said net profit slumped to S$742 million ($561.61 million) for the six months ended Sept. 30 from S$1.44 billion reported a year ago.

The airline’s total expenses rose to S$8.70 billion for the half-year, a 14.4% rise, on the back of a jump in both fuel and non-fuel costs.

© Reuters. FILE PHOTO: Singapore Airlines planes sit on the tarmac at Changi Airport in Singapore November 16, 2021. REUTERS/Caroline Chia/File Photo

SIA also declared an interim dividend of 10 Singapore cents per share.

($1 = 1.3212 Singapore dollars)

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