Singapore Airlines reports profit
On Monday, Singapore Airlines reported a first-quarter net profit compared with a loss a year prior as the global economic recovery increased air travel. Air travel expects this trend to continue and strengthen business for the rest of the year.
Net profit for the three months ended June 30 was $184.7 million (253 million Singapore dollars), compared with a net loss of S$307.1 million a year prior, beating the average forecast of S$236 million from five analysts polled by Dow Jones.
The airlines had suffered a dramatic decrease in its passenger and cargo business last year as the global economic slowdown decreased travel demand. Singapore Airlines began returning to profit in the third quarter of the previous fiscal year after it insistently cut costs.
Source:Wall Street Journal