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SINGAPORE Airlines, the world's second-biggest airline by market value, posted a 51 per cent rise in quarterly operating profit as strong demand for global travel overshadowed soaring jet fuel prices.
The carrier, which ranks behind Air China in market value, said October-December operating profit was S$675 million compared with S$448 million a year ago and beat an average forecast of S$536 million from three analysts polled by Reuters.
Net profit for Singapore Air, 55-per cent owned by state investment firm Temasek Holdings , was S$590 million in the period against S$589 million a year ago, in the absence of a one-off gain booked from the sale of its stake an aircraft leasing associate.
Singapore Air took delivery of the first of 19 Airbus A380 superjumbo in October after a two-year delay.
It has been able to charge ticket premiums of up to 20 percent on the daily Singapore-Sydney route and will start a daily flight to London from the middle of March after receiving its third A380.
But analysts warn that premium business travel will be cut sharply this year due to the chaos in world financial markets and a likely US recession.
Singapore Air shares dropped 6.6 per cent in October-December, in line with the benchmark Straits Times index , but underperformed Australian rival Qantas , which fell 2.5 per cent, and Hong Kong-based Cathay Pacific , which lost 4 per cent. -- REUTERS
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