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)