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Singapore Airlines profit sinks on fuel costs, Virgin Australia losses

Published 13/11/2018, 10:18
© Reuters. FILE PHOTO: Singapore Airlines Airbus A350-900 aircraft prepares to take off from Manchester Airport in Manchester
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SINGAPORE (Reuters) - Singapore Airlines Ltd (SI:SIAL) on Tuesday reported an 81 percent fall in second-quarter earnings, driven by higher fuel prices and non-cash losses at its part-owned Virgin Australia Holdings Ltd (AX:VAH).

The carrier, a benchmark for Asia's premium airline industry, posted a net profit of S$56 million (31.4 million pounds) for the quarter ended Sept. 30, down from S$293 million a year earlier. The prior-year figure was restated due to accounting changes.

Excluding the S$116 million loss relating to its 20 percent stake in Virgin Australia, the company reported an adjusted net profit of S$172 million, down 41 percent from a year earlier.

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