CORRECTION SIA struggles in second quarter

SIA Cargo lost SG$193 million (US$138 million) in the first half of the financial year, with yields averaging out at $0.20 per load tonne kilometre, almost a 30 per cent drop from the same period last year.Meanwhile, parent company Singapore Airlines (SIA) has reported a worse-than-expected second quarter. The airline lost S$159 million (US$114 million) compared to an estimated loss of S$37.8 million ($27.2 million). Last year in the same quarter it made a net profit of S$324 million ($233 million).SIA cut capacity by 11 per cent, as well as salaries and working hours of its staff. This improved overall load factors but yields remained troubled.Our apologies. First paragraph changed from: “SIA Cargo lost US$193 million in the second quarter with yields averaging out at $0.20 per load tonne kilometre, almost a 30 per cent drop from the same period last year.”

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