Published:
Singapore Air braces for weaker days ahead
Its profit slumped 70% to $65m in Q2.
Singapore Airlines Ltd. announced that it will be vigilant on costs as it foresees the weak outlook to persist amid excess capacity and aggressive pricing by competitors.
According to a report from Bloomberg, Singapore Air noted that the prospects for most major economies remain “tepid,” while passenger airline business continued to be impacted by geopolitical uncertainty and weak global economic conditions.
"The premium carrier reported its first quarterly slump in two years, saying passenger and cargo yields -- a key measure of profitability in the industry -- continue to be under stress," the report noted.
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