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Singapore Airlines annual operating profit drops nearly 9 percent

Reuters  |  SINGAPORE 

SINGAPORE (Reuters) - Singapore Airlines Ltd (SIA) on Thursday reported a nearly 9 percent drop in its operating profit for the year ended March, as weakness in its main passenger travel operation offset a stronger cargo business.Profit reached S$623 million ($447.65 million) for the financial year, S$58 million lower than a year ago. The carrier, a barometer of the health of Asia's competitive airline industry, has come under pressure due to weakening demand for full-service long-haul travel amid competition from low-cost carriers and Middle Eastern network carriers."Intense competition ...

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First Published: Thu, May 18 2017. 16:34 IST