Singapore Airlines shares fall as much as 6% as profit nearly halves amid intensifying competition [MSNBC.com]
SINGAPORE AIRLNS UNSP/ADR (SINGY)
NASDAQ:AMEX Investor Relations:
singaporeair.com/en_uk/sg/about-us/information-for-investors
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Source: MSNBC.com
An Airbus A350-941 from Singapore Airlines is preparing to take off on the runway at Barcelona-El Prat Airport in Barcelona, Spain, on May 1, 2024.Nurphoto | Nurphoto | Getty ImagesSINGAPORE — Shares ofAs markets opened on Monday, the stock fell as much as 6.2%, before later recovering to trade lower by 3.57%.Stock Chart IconStock chart iconNet profit inOperating profit for the company fell 48.8% to SG$796 million, down from SG$1.55 billion a year ago, while revenue increased 3.7% to SG$9.5 billion.Despite the reduction in profit, the airline maintained an interim dividend of 10 Singapore cents a share.Singapore Airlines said in a release that the fall in operating profit was due to "increased capacity and stronger competition in key markets," which led to a fall in yields and ultimately, profit.Speaking at an earnings briefing, SIA Chief Commercial Officer Lee Lik Hsin said that the company is seeing tougher competition globally, adding that other airlines are recovering to their pre
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