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Singapore Airlines profit sinks on fuel costs, Virgin Australia losses

Singapore Airlines profit sinks on fuel costs, Virgin Australia losses
FILE PHOTO: A Singapore Airlines Airbus A350-900 aircraft prepares to take off from Manchester Airport in Manchester, Britain September 4, 2018. REUTERS/Phil Noble/File Photo -
Phil Noble(Reuters)
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SINGAPORE (Reuters) - Singapore Airlines Ltd <SIAL.SI> 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 <VAH.AX>.

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.

(Reporting by Jamie Freed; Editing by Gopakumar Warrier)

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