SIA posts further losses

SINGAPORE Airlines’ (SIA) Cargo has reported that cargo yields were down 28 per cent for this year’s first quarter.

Cargo traffic was down 16 per cent compared to the same period the year before causing SIA to cut capacity by nearly 9 per cent to match. However, falling prices also caused yield to drop 28 per cent.

The results have led to the SIA Group reported a 57 per cent drop in profit for the financial year ending 31 March. Profit was down to US$620.5 million, a loss of $168.7 million.