Singapore Airlines Q2 net profit nearly triples

SINGAPORE (Reuters) - Singapore Airlines Ltd said on Tuesday second-quarter net profit nearly tripled on the back of stronger operating results.

The carrier, a benchmark for Asia's full-service airline industry, earned S$190 million ($139.26 million) in the three months to Sept. 30, up from S$65 million a year before, it said in a stock exchange filing.

UOB Kay Hian had forecast net profit would rise to S$142 million as the carrier filled a higher percentage of seats.

Singapore Airlines is undertaking a three-year transformation plan designed to make its business more competitive after reporting a surprise fourth-quarter loss in May.

The airline and Hong Kong-based rival Cathay Pacific Airways Ltd have been struggling against mounting global competition from Chinese and Middle Eastern rivals and low-cost carriers, without domestic flights to underpin their earnings.

 

($1 = 1.3644 Singapore dollars)

(Reporting by Jamie Freed; Editing by Muralikumar Anantharaman and Sunil Nair)