Singapore Airlines, the world’s second largest airline by market value, reported a 29% fall in third-quarter net profit after it was hit by provisions for a fine by the European Commission and settlements with U.S. and South Korean authorities on cargo price-fixing charges.
The airline, 55% owned by Singapore state investor Temasek Holdings (TEM.UL), earned $288.3 million in October-December, down from $403.7 million in the year ago period.
The airline, 55% owned by Singapore state investor Temasek Holdings (TEM.UL), earned $288.3 million in October-December, down from $403.7 million in the year ago period.
This was above estimates of $221.6 million from a survey of four analysts, which included the $199 million settlement and provisions of the fine.
The carrier, which ranks after Air China (601111.SS) in terms of market capitalisation, competes with Cathay Pacific (0293.HK) and some Middle Eastern players such as Emirates (EMIRA.UL).
The airlines industry, particularly in Asia, has enjoyed a strong rebound in recent months as the resurgence in the global economy has pushed passenger numbers and yields higher.
Singapore Airlines shares closed unchanged ahead of the results, compared with a 0.31% rise in the broader market <.FTSTI>.
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