Singapore Airlines Q4 net profit plunges 92 percent

SINGAPORE: Singapore Airlines (SIA) said on Thursday fourth quarter net profit dived 92 percent on year to 41.9 million Singapore dollars (28.5 million US) as the global slump hit passenger and cargo demand.

Net profit tumbled by 486 million dollars, SIA said in a statement, as revenue fell 19.1 percent to 3.32 billion dollars.

The carrier said "the decline in passenger and cargo carriage accelerated in the fourth quarter."

It said that while advance bookings indicate that the drop in demand was stabilising, recovery could be set back by uncertainties due to the recent outbreak of swine flu.

"In the near term, promotional pricing and reduced business travel will keep revenue under pressure," it said in a statement.

"On the other hand, with price of jet fuel currently at less than half what it was during last year's peak... there will be relief for expenditure."

For the full year, net profit declined 48.20 percent to 1.06 billion dollars.

SIA shares slid 52 cents to 11.60 on Friday before the announcement was made.